Actualité - VEFA in France : Payment Schedule and Guarantees for an Off-Plan Purch

Buying under VEFA (sale of a property in its future state of completion) in France means signing a contract for a new-build property that has not yet been built or is not yet completed, with payments made in instalments according to the progress of the construction work. The law strictly regulates this schedule as well as the guarantees protecting the buyer, notably the financial completion guarantee and the ten-year, two-year and perfect completion guarantees. This article details the legal schedule for calls for payment, the protections available to the buyer and the possible remedies in the event of delivery delays.

Key Points

The payment schedule under VEFA is capped by law: 35% upon completion of the foundations, 70% when the building is watertight, 95% upon completion of the works and 5% of the balance upon delivery.
The financial completion guarantee (GFA) protects the buyer if the developer is unable to complete the construction work, particularly in the event of financial failure.
Three guarantees apply after delivery: the perfect completion guarantee (1 year), the two-year guarantee (2 years) and the ten-year guarantee (10 years).
VEFA remains an interesting option for wealth diversification thanks to reduced notary fees, the energy performance of new properties and the legal security of the purchasing process.

What is VEFA: Definition and Principles

The sale of a property in its future state of completion, governed by Articles 1601-1 and following of the French Civil Code, allows a buyer to become the owner of a property as construction progresses. In practical terms, the buyer signs a reservation agreement and then a final deed of sale before a notary, even before the foundations have been poured. Ownership is transferred progressively as the work advances, rather than all at once as with an existing property.

This type of acquisition mainly concerns new-build properties sold by property developers, in collective residential developments or grouped individual houses. It attracts many buyers in 2026, whether first-time buyers looking for a property meeting recent energy standards or rental investors seeking stable long-term returns. Before getting started, it remains useful to compare new-build and existing property prices in the area concerned: an online property valuation makes it possible to quickly assess the value of an equivalent existing property.

The Legal Schedule for Calls for Payment

One of the most strictly regulated aspects of VEFA concerns the staggered payment schedule. The law sets strict caps that the developer cannot exceed, in order to protect the buyer against any call for payment that is excessive in relation to the actual progress of the construction work.

Applicable Legal Caps

35% of the price maximum upon completion of the foundations.
70% of the price maximum when the building is watertight (roof installed, walls raised).
95% of the price maximum upon completion of the works (including interior finishing).
5% of the balance paid upon delivery, this amount being capable of being placed in escrow in the event of reservations.

These percentages constitute legal caps: a developer can never exceed them, but may provide for a payment schedule that is more favourable to the buyer in the reservation agreement. Each call for payment must correspond to an actual stage of progress of the works, generally certified by an architect or project manager. It is recommended to check these supporting documents before each payment, and to seek assistance if any doubt remains as to the consistency between the stated progress and the amount requested.

The Financial Completion Guarantee (GFA)

The financial completion guarantee is a mandatory protection in almost all VEFA sales. It guarantees that the property will be completed even if the developer encounters financial difficulties, collective insolvency proceedings or a cessation of payments during construction. A bank, credit institution or insurance company provides this guarantee to the developer, and its existence must be stated in the deed of sale.

There are two main forms of completion guarantee: the external guarantee, provided by a financial third party independent of the development, and the internal guarantee, which is less common and based on the developer's own funds and the level of pre-sales. The external guarantee offers the highest level of security for the buyer, as it is based on a financial commitment external to the developer itself. Before signing, it is recommended to ask for the exact nature of the GFA and the identity of the guarantor, as this information must appear in the reservation agreement and then in the authentic deed.

Guarantees After Delivery

Once the property has been delivered, three separate legal guarantees protect the buyer against defects and damage identified after moving in. They overlap over time and cover different types of damage.

The Perfect Completion Guarantee (1 Year)

During the year following completion of the works, the developer or builder must repair all defects reported by the buyer, whether they were mentioned at delivery or notified by registered letter in the following months. This guarantee covers both aesthetic defects and minor technical malfunctions.

The Two-Year Guarantee (2 Years)

Also known as the guarantee of proper functioning, it covers for two years from completion all equipment elements that can be separated from the building: shutters, taps, intercom, water heater or interior doors. If one of these items breaks down or proves defective, the developer must repair or replace it.

The Ten-Year Guarantee (10 Years)

The best-known and broadest guarantee, it engages the builder's liability for ten years for any damage compromising the structural soundness of the building or making it unfit for its intended purpose: significant water ingress, structural cracks, major waterproofing problems. This guarantee must be accompanied by structural damage insurance taken out by the developer, which enables rapid compensation without waiting for a court decision on liability.

The Delivery Procedure and Management of Reservations

Delivery marks the handover of the keys and the transfer of possession of the property to the buyer. It involves signing a delivery report, an essential document that precisely lists all defects, faults or missing finishing work identified on the day itself. This is the document that triggers the starting point of the legal guarantees mentioned above.

It is strongly recommended to inspect the property carefully, ideally accompanied by a building professional, in order to omit nothing from the reservations: unfinished paintwork, scratched tiles, missing equipment, non-compliance with the original plan. Any reservation not recorded on the day of delivery may be more difficult to enforce afterwards, even though the perfect completion guarantee provides a one-month period for reporting certain defects that were not apparent when the keys were handed over. The 5% balance of the price may be placed in escrow with a third party until all reservations have been fully resolved, which constitutes an important negotiating lever for the buyer.

Delivery Delays: Risks and Possible Remedies

Delivery delays are among the main concerns of VEFA buyers. Construction periods may be extended by construction site contingencies, material shortages or administrative difficulties. The reservation agreement generally provides for an estimated delivery date with a tolerance period, often several months, beyond which the buyer may consider taking action.

Check whether the contract provides for automatic late-delivery penalties for the benefit of the buyer.
Send the developer formal notice by registered letter if the delay exceeds the contractual tolerance period.
Seek compensation for losses suffered, for example additional temporary rent.
In the event of a continuing dispute, seek assistance from a lawyer specialising in construction law.

To limit these risks from the outset, it is essential to choose the developer and the development carefully, by checking its financial strength and past projects. A local Optimhome property advisor generally knows the developers active in the area and can direct the buyer towards reliable developments, while helping them compare the offers available on the market.

VEFA, an Option for Wealth Diversification

Beyond the legal security it provides, VEFA offers genuine wealth-building advantages. Notary fees are lower than for existing properties, generally around 2 to 3% of the price compared with 7 to 8% for existing properties, representing substantial savings at the time of purchase. New-build properties also benefit from the latest energy and environmental standards, a criterion that is increasingly important for the future valuation of the property and for controlling costs.

For an investor, VEFA may also provide access to tax incentive schemes depending on the location and profile of the project, and makes it possible to rent out an attractive new-build property to tenants, with limited maintenance costs during the first few years thanks to the guarantees mentioned above. Diversifying one's assets between existing property and new-build property under VEFA makes it possible to spread risks and benefit from complementary advantages. For those hesitating between an investment in new-build property and a purchase of an existing property, it may be useful to compare the Optimhome property listings available locally in order to objectively assess the choice.

Conclusion

VEFA provides a protective legal framework for the buyer, with a payment schedule capped by law and solid guarantees covering both completion of the construction work and the quality of construction over the long term. Understanding these mechanisms, from calls for payment to the ten-year guarantee and the delivery procedure, makes it possible to approach an off-plan purchase with peace of mind and anticipate any potential construction issues.

Whether a first-time buyer or an investor seeking to diversify their assets, it remains essential to surround oneself with competent professionals to secure every stage of the project, from choosing the development through to the lifting of reservations upon delivery.

FAQ

Can a Property Purchased Under VEFA Be Resold Before Delivery?

Yes, it is possible to transfer one's rights under a reservation agreement or resell the property after signing the authentic deed, even before completion of the works. This transaction nevertheless remains regulated and often requires the developer's agreement as well as specific notarial formalities.

What Happens if the Developer Goes Bankrupt During Construction?

This is precisely the role of the financial completion guarantee: it takes over to finance the end of the construction work and guarantee delivery of the property to the buyer. Without this mandatory guarantee, the buyer could lose a significant portion of the amounts already paid.

How Long Does a VEFA Construction Project Take on Average?

The duration varies depending on the size and complexity of the development, but it generally ranges between 18 and 30 months from the effective start of the works. This period must be stated as an estimate in the reservation agreement, with a tolerance period in the event of delays.

Is VAT on VEFA Always 20%?

The standard VAT rate applicable to new-build property is 20%, but certain developments located in ANRU areas or intended for social home ownership may benefit from a reduced rate of 5.5%. These conditions depend on specific income and location criteria, which should be checked with the developer.

Can You Refuse to Pay a Call for Payment Deemed Abnormal?

Yes, if the call for payment exceeds the legal caps or does not correspond to the actual progress observed on the construction site, the buyer is entitled to dispute it before making the payment. It is advisable to request evidence of the progress of the works and, in the event of a continuing disagreement, seek legal advice.

How Can You Estimate the Fair Price of a VEFA Property Compared with the Local Market?

Comparing the price per square metre offered by the developer with the values observed for existing properties in the same area is good practice before committing. An online property valuation or the opinion of a local advisor makes it possible to objectively assess this price and check that it remains consistent with the surrounding market.