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Understanding the mechanism of the VEFA

The principal of VEFA corresponds to a sale in the future state of completion. This means that you are buying a new property whose construction is not yet complete. In general, the time between acquisition and delivery is between 12 and 24 months on average.
In the frame of a VEFA, the house is not yet built, the sale will be made on plan. This sale is concluded after many steps:
* Signature of the reservation contract
* Finance research
* Signature of the authentic deed at the Notary
* Payment of the property according to the progress of the construction
* Reception of the property
* Réception du bien
The notary intervenes to concretize the sale within the framework of a VEFA, on the other hand since it is a purchase in the new one, a reduction of notarized expenses. Indeed they are then between 2 and 3% against 7% for a purchase in the former.
This payment will vary with the progress of the construction. At the end of the completion of the foundations, 35% of the price must be paid. When putting out of water, it is 70% of the price of the property which must have been paid. At the end of the work, 95% of the price will be declared and finally 5% when the property is received.