The V.E.F.A (the Sale in the Future State of Completion) or “purchase on plan”, is one of the contracts most used as regards new purchase. It can be carried out in the course of construction and at all the stages of progress of the work.
“The sale in the future state of completion is the contract by which the salesman immediately transfers to the purchaser his rights on the ground as well as the property of existing constructions. The works to come progressively become the property of the purchaser with their execution; the purchaser is required to pay the price with measurement of the progress of the work. The salesman preserves the capacities of owner building until the reception of work.”
(Article 1601-3 of the Civil code).
The V.E.F.A is governed by the law n°67-3 of the January 3,1967 like by the L.261-1 articles and following and R 261-1 and following of the Code of construction and habitation.
Sold housing can be an apartment or a house.
FIRST STAGE
Signing of a contract of reservation or preliminary contract.
It is about the contract by which a purchaser reserves the possible purchase of a housing to a manufacturer/promoter (the salesman) by providing him a deposit.
THE AMOUNT
• If the time of the sale is lower than one year: the amount must be lower or equal to 5% of the final price envisaged.
• If the time of the sale lies between 1 and 2 years: it must be lower than 2% of the final price envisaged.
• Beyond that, no deposit is required.
SECOND STAGE
Signature of the final sale contract.
This second contract is concluded once the determined schedule construction, when construction can start. The text of the project of sale contract must be sent to the réservataire by letter registered with acknowledgement of delivery at least a month before the date of signature.
PAYMENT
In this type of sale, the payment is spread out according to the progress of the work without being able to exceed a percentage of the total price of sale, deposit included/understood. This legal staggering is as follows:
• 35% of the price when the foundations are completed
• 70% of the price to the setting out of water (poses roof and realization of the sealing of the terraces)
• 95% of the price when work is completed, the balance of 5% being payable with the delivery, except consignment in the event of dispute on conformity with the forecasts of the contract.
