Off-plan sale (VEFA)
An off-plan sale (VEFA, vente en état futur d'achèvement) is the purchase of a home that has not yet been built: the buyer becomes the owner as construction progresses.
The price is paid in instalments as the works advance, at stages set out in the contract. The developer must provide a completion guarantee that protects the buyer if the project were not completed.
The deed is signed at the notary before or during the works. The land bears registration duties, the construction bears VAT, at 3% under conditions for a main residence.