- The reservation contract This is the first document you will sign. You should therefore pay particular attention to it. Its purpose is to reserve the property you wish to buy. A number of points are specified in this contract. It must specify the essential elements of the future sale, in particular the sale price, the description of the property and the estimated delivery date. The 10-day withdrawal period begins the day after the contract is received by recorded delivery letter signed by both parties. If these stipulations are not complied with, the developer may be held liable. It should be noted that, very often, the estimated delivery date is already staggered between the signing of the reservation contract and the signing of the Deed of Sale. You should be aware that the notary will have to notify you of this change before the date set for signing the deed of sale. In practice, buyers only find out about this on the day of signing, which is not normal.
2. Late delivery and the need to send a letter of formal notice If the developer fails to meet the agreed delivery date, you are entitled to send them a letter of formal notice asking them to explain the delay and provide supporting documents. This letter has legal force if it is sent by recorded delivery with acknowledgement of receipt. In the event of persistent negligence on the part of the developer, or if the supporting documents are not credible and demonstrate bad faith on the part of the developer, you can bring an action for damages for the loss suffered, by holding the developer liable.
3. Deposit of funds in the event of a dispute 5%: if, when the property is delivered (i.e. on the day the keys are handed over), numerous reservations are recorded in the delivery report and these justify a deposit, you will be entitled to deposit the outstanding sum corresponding to the 5%. This sum is deposited with the Caisse des Dépôts et Consignation (Deposit and Consignment Office) and must be used to guarantee that the property has been fully completed within 12 months. This period corresponds to the guarantee of perfect completion.
There is also a ten-year guarantee, which lasts for 10 years after delivery of the property, provided that the solidity of the building is at risk and there are serious defects.
4. Conciliation and damages In the event of breaches or negligence on the part of the promoter, it is often advisable to initiate a conciliation phase before taking any legal action. The letter of formal notice can be considered as a conciliation phase, as it allows the other party to become aware of its faults and to try to reconcile. If this conciliation fails, the purchaser can then claim damages to compensate for the loss suffered (loss of rental income, economic loss linked in particular to rents and interim interest, storage or storage unit hire costs, moral loss).
5. Removal of reservations and handover of keys When a property is handed over, it is essential to carry out an inspection to identify any defects or faults, known as "reservations". The process by which the developer undertakes to rectify these defects, i.e. remove the reservations, within a set period of time. If the developer does not comply with your formal notice to remove the reservations and does not carry out the necessary work, it is possible to initiate summary proceedings to force the developer to remove the reservations.
It is essential for purchasers to be aware of these points and to take appropriate legal advice to ensure that their rights are properly protected throughout the VEFA purchase process.
Maître Zakine intervenes in VEFA purchases or late delivery of a VEFA purchase.
Master Zakine, lawyer in construction and real estate law intervenes during the VEFA purchase process or in the event of late delivery of a VEFA purchase. It also intervenes in the cancellation of VEFA sales throughout France and in Nice.
Calling on the services of a lawyer specialising in construction and property law before and during construction helps to avoid certain difficulties.
The Lawyer will be able to check the contractual documents and amendments if any have been signed.
The VEFA expert lawyer will also be able to write to the manufacturer as soon as any problems arise.
The relationship between the client and the builder crystallises very quickly.
The presence of the lawyer in construction law will enable us to take the heat out of the debate and find solutions before the situation becomes very difficult to resolve.
Frequently asked questions
What is a reservation contract in VEFA?
The reservation contract is the first document signed in a sale in the future state of completion (VEFA). It reserves the property and mentions the price, the description of the property and the delivery deadline. You have a withdrawal period of 10 days after receiving the signed contract.
Can I withdraw after signing a VEFA reservation contract?
Yes, you have a withdrawal period of 10 days from the day after receipt of the reservation contract signed by both parties. This period is strict and free of charge. After this period, the contract becomes final.
What are the delivery times in VEFA and what to do in case of delay?
The contract provides for a provisional delivery date. In case of delay, the developer must compensate you, except in cases of force majeure. The compensation is generally 1/3000th of the price per day of delay. You may also request termination of the contract if the delay is excessive.
What are the additional costs in a VEFA?
In addition to the sale price, you must budget for notary fees (about 2-3% of the price for new builds), taxes (property tax, development tax), and possibly completion guarantee fees. The price is generally paid in installments according to the progress of the work.
What to do if the developer modifies the delivery deadline before signing the notarial deed?
The notary must inform you of any change in the deadline before signing. If you are not informed, you can refuse to sign and claim damages. In practice, check the contract and have a lawyer assist you in negotiating a penalty clause.
