VEFA - Vente en l’Etat du Futur Achèvement - sale of a project under construction – means that the building is not yet completed, sometimes the works have not even started yet, so the buyer purchases the apartment off plan.
A lot of buyers of French Riviera properties dream of buying a new build apartment. However, usually they imagine the completed project. In reality the sale starts when the foundations are not yet ready. When you can see the first floor is already built, most of the options will be sold.
So, it’s up to you to imagine your future apartment from the developer’s presentation and specifications.
How to buy an off plan property in France
Step 1
You sign a reservation contract with a promotor in which are detailed the price, the description and the location of the apartment/cellar/car park. Also the living space, the specifications of the construction and the finish, the date of delivery and the developer’s insurance.
Each developer in France has to have an insurance policy, which guarantees that the building will be completed in all eventualities. If a promoter goes bankrupt, the buyers have a guarantee that the project will be completed with another one.
You have to pay 5% of the price when signing the contract of reservation
Step 2
Then you have to sign a notary’s sale contract signed by the buyer, the promoter and the notary.
The notary fees are 2-3% for buying real estate which is under construction in France.
Usually the buyer pays 25% of the price on signature of the notary’s contract, if the foundations are not yet completed.
If the foundations are already laid, the buyer in VEFA has to pay 35% of the price.
The buyer has a 10 day cooling-off period to change his mind, without paying any penalties.
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