VEFA: Everything you need to know about buying a new property on a VEFA basis

The VEFA (Vente en l'Etat Futur d'Achèvement) property purchase option is attracting more and more buyers, whether first-time buyers or investors. But this type of purchase still raises many questions. What are the steps involved? What guarantees does the buyer have? Apromeos takes you through all the steps involved.

1- What is VEFA?

VEFA, or Vente en l'Etat Futur d'Achèvement, is a contract under which a purchaser buys a property before or during construction. Also known as "off-plan purchase", this formula enables the buyer to gradually become the owner as construction progresses. The property is delivered once construction is complete.

2- The main stages in a VEFA purchase

Step 1: The reservation contract

The purchase of a VEFA home begins with the signing of a reservation contract, which is binding on both the buyer and the developer. This contract specifies :

• description of the accommodation
• its surface
• planned equipment
• sales price
• payment schedule
• the estimated completion date
• estimated delivery date
• financing conditions (in particular the loan suspensive clause)

A security deposit (usually €2,500) is paid into the notary's escrow account. If the loan is refused, this deposit is reimbursed within 3 months without charge or penalty.

Step 2: Financing

After reservation, you have 2 to 3 months to find financing. The bank will ask you to provide a complete file before issuing a loan offer.

Once the offer has been accepted (a minimum of 11 days' reflection is required), you must send the documents to the developer and the notary. The offer is valid for 30 days.

Please note: payment is staggered according to the progress of the work. Here's a classic example:

• 35%: completion of foundations
• 15%: first floor
• 10%: 1st floor
• 10%: waterproofing
• 20%: start of interior plastering
• 5%: completion of work
• 5%: on delivery

Step 3: The deed of sale

Once the financing has been approved, you will receive the draftdeed of sale. This includes :

• your contact details and those of the promoter
• description of the accommodation
• price and payment terms
• delivery time
• completion guarantee
• suspensive conditions (loan, reflection)

Appendices :

• co-ownership regulations
• construction damage insurance
• descriptive note
• plans
• risk status

The signature takes place before a notary.

Stage 4: Construction

Throughout the construction process, you will receive calls for funds in accordance with the schedule. These are used to pay the amount corresponding to the progress of the work, and are essential to the smooth running of the site.

Calls for funds are notified to the purchaser in accordance with the terms of the contract schedule (often sent by e-mail, accompanied by a certificate from the project manager).

You have 10 days to forward your payment to your bank.

At Apromeos, we send you regular newsletters to keep you informed of the progress of your project.

As delivery approaches, you'll receive a buyer's guide with all the information you need about your home (procedures, maintenance, property management...).

One month before delivery, you'll receive an invitation with the delivery date and a description of how it will be carried out.

Step 5: Delivery  

Housing delivery is when the developer hands over the keys to your home. Delivery takes place when the property is completed and the final payment has been made.

On the day of delivery, you must carry out an inspection to check that the property conforms to the sales contract. Defects and non-conformities must be investigated. A report is then drawn up indicating any defects and faults. These are known as reservations.

You have up to one month after delivery to notify us of any reservations you may have that were not mentioned in the delivery report. These reservations must be sent by registered letter with acknowledgement of receipt to the developer.

If the buyer expresses reservations after the one-month period, he may invoke the various guarantees provided for in the final sales contract:

• garantie de parfait achèvement (GPA): this protects the purchaser by requiring the builder in charge of the work to repair any defects reported during the year following acceptance of the property. This warranty is valid for one year. GPA does not cover defects arising from normal wear and tear or use.
• garantie de bon fonctionnement (biennale): this is a guarantee that the equipment is in good working order. For a period of two years, you can demand the repair or replacement of any defective equipment that is not an integral part of the construction (intercom, taps, water heaters, etc.).
• ten-year warranty: this covers all damage that compromises the solidity of the structure or renders it unfit for habitation (roof leaks, foundation defects, etc.) for a period of ten years.

Lifting of reservations : once the reservations mentioned in the PV have been lifted, you sign a PV de levée de réserves. This document is important for triggering post-delivery warranties.

3- The advantages of VEFA

Buying a VEFA allows you to benefit from several advantages such as : 

📅 Partial exemption from property tax for 2 years (excluding household waste tax)

💸 Reduced notary fees: 2% to 3% (compared with 7% to 9% in older homes)

⚡ Payment in instalments: according to progress of work

🏡 New housing compliant with RE 2020 standards (energy performance, comfort, sustainability)

Key advantage : local regulations allow flexible management of furnished rentals, particularly via platforms such as Airbnb, with gross yields of up to 6% to 8% depending on location.

Buying off-plan is an ideal way to build a new property portfolio, with solid guarantees and secure support. At Apromeos, we're with you every step of the way, from reservation to delivery, with complete transparency.