Buying a new property even before it is built is now a common practice in real estate. Known as a sale in the future state of completion, or VEFA sale, this type of transaction appeals to buyers of primary residences, investors, and purchasers of second homes in the mountains.

While buying through VEFA offers many advantages, it is essential to understand its mechanisms, guarantees, key steps, and points of caution.

Through this comprehensive guide, Collection Chalet helps you master all aspects of the sale in the future state of completion, ensuring your real estate project is secure and allowing you to invest with confidence.

 

What is a VEFA sale?

The VEFA sale is a contract through which a real estate developer sells a property that is not yet built or is under construction. The buyer gradually becomes the owner as the construction progresses, up to the delivery of the property.

Specifically, the purchase concerns a real estate development authorized by a building permit, compliant with the local urban plan (PLU), and whose characteristics are precisely defined in a descriptive notice attached to the contract.

 

VEFA sale, off-plan purchase, CCMI…: are they the same?

These terms are often confused, wrongly:

• VEFA sale / off-plan purchase: they refer to the same legal mechanism.

• CCMI (Individual House Construction Contract): applies only to the construction of a house on land owned by the buyer.

• In VEFA, the land belongs to the developer, and the buyer purchases the land + construction as a whole.

 

VEFA or buying an existing property: what are the differences?

The main difference lies in the nature of the property:

• VEFA: new property, built to current standards, with builder guarantees.

• Existing property: already built, sometimes renovation work may be needed.

In addition, VEFA offers reduced notary fees, better energy performance, and no major works expected in the short or medium term.

 

The advantages of buying through VEFA

New property, guarantees, energy performance… the advantages are numerous!

Buying through VEFA means benefiting from:

• A new property, built to the latest standards (RE2020)

• Strong legal guarantees

• Better thermal and sound insulation

• Possible customization (plans, materials)

• Reduced notary fees (around 2–3 %)

This is a particularly valuable advantage for purchases in mountain resorts, where the quality of construction is essential.

 

The limitations of this type of real estate transaction

VEFA also involves certain constraints:

• Delivery times must be anticipated

• Property cannot be visited before construction

• Dependence on the reliability of the real estate developer

This is why it’s important to work with a trustworthy and experienced professional.

 

Primary residence, second home, or rental investment: is VEFA suitable?

The VEFA sale VR 880, like other recent programs, is also suitable for:

• Primary residence projects

• Second homes in the mountains

• Rental investments, whether annual or seasonal

It all depends on the location and financial setup.

 

The key steps of a VEFA sale, from choosing the development to receiving the keys

The reservation contract of the property

First official step: the reservation contract

It specifically outlines:

• The estimated price

• The delivery date

• The description of the property

• The amount of the deposit

This contract is usually signed before the final deed of sale.

 

Loan, down payment, and conditions precedent: the financing step

The buyer then arranges their mortgage.
Financing is secured by conditions precedent included in the contract.

 

Signing the notary deed, just like in a traditional sale

The deed of sale is signed at the notary’s office, just like any real estate transaction.
It is at this stage that the legal transfer of ownership officially begins.

 

The call for funds

Payment is staggered according to a regulated payment schedule:

• Completion of foundations

• Waterproofing / roof in place

• Completion of the main structure

• Delivery of the property

Each call for funds corresponds to the actual progress of the construction work.

 

The long-awaited moment: key handover

The reception of the works marks the delivery of the property.
The buyer can then make reservations in case of any visible defects.

 

What elements should a VEFA contract include?

Price, description, plans, descriptive notice: the foundation

A VEFA contract must include:

• The total price

• The property plans

• The detailed descriptive notice

• The surfaces and equipment

These documents legally bind the developer.

Deadlines, penalties, and conditions precedent: the sensitive points of a VEFA contract

The delivery date and late-payment penalties must be clearly defined, just like the clauses related to financing.

 

What about the deposit?

The deposit is capped and held in an escrow account. It is refunded if the project does not proceed under the agreed conditions.

 

How is a VEFA transaction structured?

Payment schedule and mortgage in VEFA

Payments strictly follow the legal payment schedule, which limits financial risks for the buyer.

 

The impact on the budget of interim interest

During construction, only the amounts released generate interim interest, which should be included in the overall budget.

 

Focus on the guarantees of a VEFA sale

The perfect completion guarantee

It covers all defects reported within the year following delivery.

 

The two-year equipment guarantee

Valid for two years, it covers removable or separable equipment (shutters, water heaters, etc.).

 

The ten-year structural guarantee

It protects against damage that compromises the building’s structural integrity for 10 years.

 

The completion guarantee (GFA)

Mandatory, it guarantees the completion of the works even in the event of developer default.

 

 

What’s included in a VEFA sale: what do you actually pay for?

The price includes:

• The land

• The construction

• Connections to utilities

• The planned equipment

• Regulatory compliance

Everything is contractually regulated.

 

Key points to check before buying through VEFA

From the developer to the development…

Check the real estate developer’s experience, references, and the solidity of the development program.

 

…and don’t forget the location!

Location remains crucial: exposure, accessibility, and rental appeal.

 

Choosing a mountain property with Collection Chalet

Specializing in exceptional properties, Collection Chalet selects developments suited to the unique characteristics of mountain living.

 

VEFA sales for rental purposes: guaranteed profitability?

 

Should you choose annual or seasonal rental?

In resorts, seasonal rental often offers higher returns, provided the property is in a premium location.

 

And what about taxation?

LMNP schemes, VAT recovery, depreciation… VEFA offers attractive fiscal opportunities.

 

Resale: key points to know after a sale in the future state of completion (VEFA)

A new property generally retains good value, especially in popular tourist areas.

 

Collection Chalet supports you with your VEFA purchase

Buying through a sale in the future state of completion is a major project.
With Collection Chalet, you benefit from expert support at every stage, from selecting the development to the reception of the property, ensuring a secure and lasting purchase.

 

Charly.G