You're buying or selling a property in France, and one term keeps coming up in your exchanges with the bank and the notary: the call for funds (appel de fonds). What exactly is it? Who triggers it, when, and how does the money flow through to the seller? These are all legitimate questions, because this step — invisible to many — is the moment when the funds are actually mobilized in a property transaction.
In this reference article, we explain how the call for funds works in a property sale in France: its definition, the central role of the notary, the release of funds by the bank, their passage through the notary office (étude notariale), and the link with the escrow and the signing of the deed. Key point: we clearly distinguish the call for funds of a standard sale (an existing/older property) from that of a VEFA (an off-plan purchase), which are often confused.
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Information up to date as of 2026.
In brief
- A simple definition: the call for funds is the request to pay the sums needed for the transaction. For an older property, it is single; in a VEFA, it is staggered according to the progress of the works.
- The notary, the conductor (for older properties): in France, it is the notary who triggers the call for funds with the buyer's bank, just before the signing of the authentic deed.
- A secure circuit: the funds (deposit, loan) pass through the notary office's account, which protects both seller and buyer.
- VEFA = progressive payment: for a new build, the calls for funds follow a legal schedule (foundations, watertight stage, completion, delivery), governed by the French Construction Code.
A sale or purchase project? Contact your local Optimhome advisor, who will support you — in liaison with the bank and the notary — all the way to the signing.
What is a call for funds in a property sale in France?
Let's start by clarifying the term, because it covers two very different realities depending on the type of property.
The definition of the call for funds
A call for funds is a request to pay a sum of money needed to carry out a real estate operation. In practice, it is the moment when the money is released and paid: either the full price of the property (for an older property), or a fraction of that price (for a new build, as construction progresses).
Don't confuse them: standard sale (older property) and VEFA (new build)
This is the fundamental distinction. In a standard sale (an already-built, older property), the price is paid in one go at the notary's office: there is only one "call for funds," triggered by the notary just before the signing. In a VEFA (Vente en l'État Futur d'Achèvement, i.e. an off-plan purchase), the property doesn't exist yet: payment is split into several calls for funds, paid to the property developer at the pace of the works' progress. Confusing the two is the most common source of error — let's look at each case in detail.
Key takeaways
- For an older property, the call for funds is single and managed by the notary.
- In a VEFA, the calls for funds are staggered and paid to the developer as the works progress.
The call for funds in a standard sale (an older property in France)
This is the most common case: you're buying or selling an already-built home. Here's how the money flows.
Who triggers the call for funds, and when?
In a standard sale, it is the notary who steers the operation. Once the preliminary agreement is signed, the withdrawal period cleared, and the conditions precedent fulfilled (notably obtaining the loan), the notary prepares the deed of sale and proceeds with the call for funds: they ask the buyer's bank to release the amount of the loan, and the buyer to pay their personal down payment. This call takes place a few days before the signing of the authentic deed, so that the sums are available on the day.
How the bank releases the funds
At the notary's request, the buyer's bank releases the amount of the mortgage and transfers it to the notary office's account. The buyer adds their down payment as well as the notary fees. The notary then has the full amount needed to finalize the sale.
The role of the escrow and the notary office
The notary office acts as a financial trusted third party. As soon as the preliminary agreement is signed, the buyer has generally paid a deposit (the escrow, often 5 to 10% of the price), held in a secure account of the office. This deposit is then set against the total price. On the day of the sale, all the sums (escrow + loan + down payment) are gathered in the office's account, which verifies, settles any debts (the seller's outstanding loan, co-ownership charges), then pays the net proceeds to the seller. This circuit protects both parties: the money never passes directly from the buyer's hand to the seller's.
The link with the signing of the authentic deed
The call for funds and the signing of the deed are closely linked. The funds must be available before the signing for the sale to be concluded. On the day of the authentic deed, once the signatures are collected, the transfer of ownership is effective and the price is paid to the seller, who hands over the keys. The sale is then made official through land registration (publicité foncière).
Key takeaways
- For an older property, the notary triggers the call for funds with the bank before the signing of the deed.
- The funds pass through the notary office's account, which pays the net proceeds to the seller after checks.
The call for funds in a VEFA (off-plan purchase in France)
The logic changes completely when you buy a new build off-plan. Because the home is built gradually, you pay for it… gradually.
Payment staggered according to the progress of the works
In a VEFA, the buyer finances the construction as it goes. The developer issues calls for funds at each key stage of the works, justifying the progress with a certificate. Each call corresponds to a percentage of the total price, capped by law: you only pay for what has actually been built.
The legal schedule of calls for funds in a VEFA
Article R261-14 of the French Construction and Housing Code sets the following caps:
- 5% on the signing of the reservation contract (deposit);
- 35% of the price at the completion of the foundations;
- 70% at the watertight stage (mise hors d'eau — roof laid, building watertight);
- 95% at the completion of the building;
- 5% (the balance) on delivery, when the keys are handed over.
These percentages are maximums: the developer may plan intermediate calls (for example at the airtight stage), but may never exceed these caps. A construction site of 18 to 24 months often generates 6 to 8 calls for funds in total.
Guarantees and points to watch in a VEFA
Several mechanisms protect the buyer. The Financial Completion Guarantee (Garantie Financière d'Achèvement, GFA), mandatory in France since 2015, ensures the building is finished even if the developer defaults; the notary checks its presence in the deed. If you finance with a loan, each call for funds is transmitted to your bank with the words "authorized for release" (bon pour déblocage): this disbursement authorization triggers the transfer to the developer. Before delivery, you generally repay only interim interest (intérêts intercalaires, calculated on the sums released), to be budgeted from the start. Finally, the 5% balance can be held in escrow (with the Caisse des Dépôts) if you raise reservations on delivery. Conversely, a payment delay exposes you to a penalty of 1% per month. Good to know: for a new build, the notary fees are reduced (around 2 to 4%, versus 7 to 8% for an older property in France).
Key takeaways
- In a VEFA, the schedule is capped by law: 35% (foundations), 70% (watertight), 95% (completion), 5% (delivery).
- The GFA protects the buyer, and the 5% balance can be held in escrow in the event of reservations.
Standard sale or VEFA: the recap
So you never confuse them again, here's the essential. In a standard sale (older property): a single call for funds, triggered by the notary, with the funds passing through the notary office and payment made in one go at the signing of the deed. In a VEFA (new build): several staggered calls for funds, issued by the developer according to progress, with a legal schedule and progressive payment through to delivery. In both cases, the bank releases the funds on request (from the notary or via your disbursement authorization), and guarantees frame the operation.
Call for funds: the points to watch
A few reflexes to approach this step calmly. Anticipate the timelines: for an older property in France, there is generally 2 to 3 months between the preliminary agreement and the deed — the time to clear the withdrawal period, fulfill the conditions precedent, and release the funds. Check the consistency of each VEFA call with the actual progress of the site — never pay a call if the corresponding stage has not been reached. Budget for the extras (notary fees, interim interest in a VEFA). And when in doubt, lean on the professionals: notary, bank, and real estate advisor are there to secure every step.
Prepare your real estate project in France with Optimhome
Understanding the call for funds already means better mastering your transaction. But the success of a project — buying or selling — is decided well before this step.
If you're selling, it all starts with the right price. The Optimhome online property valuation tool gives you, free of charge and in a few minutes, a first reliable benchmark of the value of your house or apartment. If you're buying, the Optimhome property listings open up a wide choice of properties across France to help you find the ideal opportunity.
In both cases, a local Optimhome real estate advisor supports you from start to finish: preparing the file, showcasing or searching for the property, negotiating, then coordinating with the bank and the notary office through to the signing — to bring your project to a successful close, in the best timeframe and at the right price.
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- The call for funds is the moment when the sums of the transaction are released.
- For an older property, it is single and steered by the notary, via the notary office's account.
- In a VEFA, it is staggered according to a legal schedule and paid to the developer.
- The bank releases the funds on request, and guarantees protect the buyer.
- Prepare your project with the valuation, the listings, and an Optimhome advisor.
FAQ
What is a call for funds in a property sale in France?
It is the request to pay the sums needed for the transaction. In a standard sale (older property), it is a single payment of the price, triggered by the notary before the signing. In a VEFA (off-plan purchase), it is several staggered payments to the developer, according to the progress of the works.
Who triggers the call for funds in a property sale in France?
For an older property, it is the notary who triggers the call for funds with the buyer's bank, a few days before the authentic deed. In a VEFA, it is the developer who issues the calls for funds at each stage of the site (the notary may transmit the one linked to the signing of the deed).
How does the bank release the funds?
At the notary's request (for an older property) or on presentation of a disbursement authorization signed by the buyer (in a VEFA), the bank transfers the sums of the mortgage. For an older property, they pass through the notary office's account; in a VEFA, they are paid directly to the developer.
What is the schedule of calls for funds in a VEFA?
Article R261-14 of the French Construction Code sets the caps: 5% at reservation, 35% at completion of the foundations, 70% at the watertight stage, 95% at completion, and 5% on delivery. These are maximums that the developer cannot exceed.
Can you refuse or hold a call for funds in escrow?
Yes, in certain cases. In a VEFA, you can refuse a call for funds if the corresponding construction stage has not been reached, and hold the 5% balance in escrow on delivery in the event of reservations or defects. However, an unjustified payment delay can incur a penalty of 1% per month.
How long between the preliminary agreement and the release of funds?
In a standard sale in France, count on generally 2 to 3 months between the preliminary agreement and the authentic deed. This period allows you to clear the withdrawal period (10 days), fulfill the conditions precedent (obtaining the loan), and prepare the call for funds before the signing.
Information up to date as of the publication date (2026). Financing arrangements and the legal VEFA schedule in France may change; for any specific situation, consult your notary, your bank, or an Optimhome advisor.
Author :
Fabrice DOBROWOLSKI - Optimhome Network Development Director
Optimhome offers you personalized support for your real estate project. Benefit from all my advice, based on several years of experience, to ensure the success of your project.
