I have been strumming on my keyboard for more than 5 years to offer you architectural tours, decorating tips and reveal the latest trends. Because the goal of the decor blog Clem Around The Corner is really to support you in creating an interior in which you feel good. But I never started from the beginning of the “problem”: the four walls that surround us. When we have a comfortable working base that we like, it’s much easier to transform our home sweet home into a haven of peace. This is why I love new homes, and made the choice of off-plan sales a few years ago now.
What is VEFA?
It is important to remember that the VEFA, sale of housing in a future state of completion, is defined by article L261-1 of the Home Construction Code. It is the purchase of a new off-plan property, which binds a real estate developer and an individual. The individual can be a future occupant or an investor. As you will understand, it is therefore a contract of sale, which must of course be made with a notary. Upon signing the contract, the individual becomes the owner of the land, then the owner of the accommodation as the property is built.
Development of a VEFA
Reflection and reservation
The first step of the VEFA is to conclude a reservation contract. It includes the characteristics of the property that has caught the attention of the future purchaser. A security deposit, corresponding to a maximum of 5% of the price of the accommodation, will accompany the contract.
Once the reservation contract has been signed, the individual has a 10-day withdrawal period. The end of the deadline announces the start of the exciting off-plan trip!
In the event of a loan, it is important to mention a suspensive clause in the contract. It will allow the individual to be reimbursed for the security deposit if he does not obtain a loan from the bank.
Work and payment in installments
Once the construction of the building begins, the buyer will have to pay at the same rate as the progress of the work.
Handing over the keys
The discovery of the brand new accommodation has finally arrived. This visit will make it possible to make an inventory of the property, and if necessary to note the present defects. In addition, one month will be given to the owner to communicate any questionable details by registered mail.
Sign a VEFA contract
Content of the contract
A VEFA contract must mention certain information, essential for the smooth running of the agreement. It is therefore important for the buyer to read the contract carefully before signing it, because this commitment guarantees the final appearance and characteristics of the new home.
The living area
The final surface area of the coveted property is stipulated in the contract. However, it is important to note that the dimensions can vary by 5%.
For example, if the buyer signs for a property of 100m2, the final surface may be between 95m2 and 105m2.
A complete detail of the final accommodation
A detailed description of the final apartment, its equipment and secondary annexes must be added. This indicates, among other things, the number of main rooms, the specific arrangements for the common areas, or the location of the accommodation in the building.
Today, developers are making 3D visuals of future housing available. This allows to realize the finishes of the property and the common areas. As a result, it’s also much easier to project yourself in 3D than a traditional 2D plan. In addition to 3D visuals, Cogedim offers virtual tours on its site. What to get a good idea of the available surface. The experience is truly immersive, notably thanks to the decorations and furniture found there.
Even better than 3D photos and virtual tours: Cogedim stores! These are places where you can visit full-size apartments, and thus discover the different materials and finishes offered by the developer. It is quite simply the best way to project yourself into your future home and perfectly choose the options you are looking for. I personally visited the Cogedim Paris store in Bercy village. I would have stayed in one of the reconstructed apartments. Do not hesitate to push the doors if you are a little early for your next cinema session!
The location of the property in the building
A detailed plan should be included in the contract, in order to understand the exact location of the property within the building complex.
For example, on the Cogedim site, you can preview the future buildings located in Issy les Moulineaux, and you can walk through the different floors thanks to 3D models! This allows the buyer to better locate his apartment, and to see what is in the surroundings.
The total price of the sale must be indicated. However, possible conditions for revising the amount may be mentioned.
This option is sometimes chosen by the promoter who would like to guard against an increase in the cost of raw materials occurring during construction. Note that the benchmark is the national building index.
As I explained to you before, if it is foreseen in your contract that the price can be revised, the buyer is still protected. Because a limit is set at 70% of the variation in the national building index when the contract is signed and when the keys are handed over.
Finally, the contract will specify the payment schedule.
The complete description of the construction
It is important for the buyer to be familiar with the materials and equipment used for the construction of his home, and the building. As a result, you can assess whether the quality of the construction meets your expectations.
A date of delivery of the good must be mentioned. Just like any penalties for delay.
The guarantees that protect the buyer
The VEFA contract also includes important guarantees that protect the buyer!
There is the financial completion guarantee (GFA), the objective of which is to assure the buyer that his property will be finished. If the developer does not complete the work in the event of a cash flow failure, financial assistance will be granted by a banking establishment to finish the construction of the housing.
There is also the financial reimbursement guarantee (GFR). It provides, in the event of default by the promoter or cancellation of the sale, to reimburse all sums paid by the purchaser.
Finally, the work damage guarantee begins once the work is completed. It is a ten-year guarantee which makes it possible to be reimbursed for the amount of repairs by the promoter in the event of claims. It targets the structure and solidity of the building.