French New Build Buying Process

Introduction: Why the VEFA Off-plan Process Is Different

Buying a new build property in France under the VEFA framework (Vente en l’État Futur d’Achèvement  / Sale in Future State of Completion) is a fundamentally different transaction from purchasing a resale property. You are not buying a finished building; you are buying a legal right to receive a property once it has been constructed to a defined specification, with payment structured across a series of construction stages.

For international buyers unfamiliar with the French system, this can seem complex. In practice, VEFA is one of the most buyer-protective off-plan frameworks in the world. French law sets strict limits on what a developer can ask for, when, and under what conditions. The notaire oversees the legal structure. Financial guarantees protect your funds. And the staged payment mechanism means you never pay the full purchase price until your property is ready.

This guide takes you through every step of the process in the order you will encounter it, from initial research through to post-handover warranties, with the practical detail that experienced buyers and first-time purchasers alike need.

The VEFA Purchase Process at a Glance

The table below summarises the nine stages of a VEFA purchase. Each is covered in detail in the sections that follow.

Researching Developments

The first stage is identifying the right development for your objectives. In the French Alps and French Riviera markets in which Halle International specialises, new build developments range from ski-in ski-out chalets/apartments in Savoie, Haute-Savoie and Isere to contemporay apartments on the Côte d’Azur.

Key questions to consider at this stage include:

• Is the development by a reputable French promoteur (developer) with a completed track record?

• What is the expected delivery date, and how realistic is that timeline?

• What is the VEFA legal structure: is this a Vente en l’État Futur d’Achèvement or a Contrat de Construction de Maison Individuelle (CCMI)?

• What guarantees are in place, specifically the Garantie Financière d’Achèvement (GFA)?

• What are the rental or leaseback options, and do they align with your use profile?

Appointing Your Advisers

Before signing anything, you should identify two key professionals who will support you through the transaction:

• A notaire of your own choosing (in addition to the developer’s notaire). This costs nothing extra, the regulated notarial fee is shared between both. See our companion guide on the role of the French notaire for a full explanation.

• A currency specialist if you are buying in a currency other than euros. Exchange rate movements over a multi-year build period can materially affect your total cost. We recommend working with a regulated specialist from reservation stage, not at the point of fund transfer.

What Is the Contrat de Réservation?

The Contrat de Réservation (also called the contrat préliminaire) is the first legal document you will sign in an off-plan VEFA purchase. It is not yet the binding deed of sale that comes later, before the notaire but it is a formal agreement between you and the developer that reserves a specific unit in the development at an agreed price.

The reservation contract must contain, by law, the following:

• A precise description of the property: type, floor area, floor level, position within the building, and number of principal rooms

• The expected delivery date (or delivery period)

• The indicative sale price and any provisions for price revision

• The amount of the dépôt de garantie (reservation deposit)

• A description of the main construction materials and technical specifications

• Details of any ancillary purchases such as a garage, parking space, or cave

The Reservation Deposit

At the time of signing the reservation contract, the developer will request a dépôt de garantie (Reservation Deposit). French law caps this at:

• 5% of the anticipated sale price if the Acte de Vente (Deed of Sale) is expected to be signed within one year

• 2% if the Acte de Vente (Deed of Sale) is expected between one and two years from reservation

• No deposit can be required if the Acte de Vente (Deed of Sale) is expected to be signed more than two years from reservation

The deposit is held in a protected escrow account (not by the developer directly) and is fully refundable during the 10-day cooling-off period, or if any suspensive conditions are not met.

Your Statutory Right of Withdrawal

After signing the Contrat de Réservation and receiving it by registered letter (lettre recommandée), you have a statutory cooling-off period of 10 calendar days during which you may withdraw from the purchase unconditionally and for any reason.

This right is provided by the Loi SRU (Solidarity and Urban Renewal Act) and cannot be waived or modified by any contractual provision. If you withdraw within the 10-day period, you are entitled to a full refund of your reservation deposit, with no penalty and no deductions.

How to Exercise the Right of Withdrawal

Withdrawal must be communicated in writing, by registered letter with acknowledgement of receipt (lettre recommandée avec accusé de réception), sent to the developer’s registered address. The date that counts is the date of dispatch, not receipt. Your refund should be returned within 21 days of your withdrawal letter.

Cash Buyers

If you are purchasing without a mortgage, you will need to have your funds structured and accessible in advance of the Acte de Vente VEFA (Deed of Sale) signing. The notaire will confirm the exact amount required at completion (which includes the initial payment tranche, typically 35% of the purchase price, plus notaire fees of approximately 2–3%).

For international buyers, the key consideration is currency management. If your funds are held in sterling, US dollars, Swiss francs or another non-euro currency, the exchange rate at the time of each payment call will determine your effective cost in your home currency. Over a build period of two to four years, this can be material. We strongly recommend establishing a forward exchange facility with a regulated currency specialist at the earliest opportunity, ideally before the Acte de Vente (Deed of Sale).

Mortgage Buyers

French mortgages are available to non-resident international buyers, though eligibility criteria, loan-to-value ratios, and product availability vary by nationality, income source, and the lending bank’s internal policies.

Key points for mortgage buyers in an off-plan VEFA context:

• Your mortgage offer (offre de prêt) must be in place before the Acte de Vente VEFA (Deed of Sale) can be signed. The reservation contract will typically contain a suspensive condition (condition suspensive) protecting your deposit if your mortgage application is declined.

• French VEFA mortgages are typically structured as déblocages progressifs, the lender releases funds in tranches aligned with each construction stages, meaning you pay interest only on the portion drawn down.

• You have a 10-day acceptance period after receiving your offre de prêt, during which you cannot legally accept the offer. This is a mandatory consumer protection delay.

• Mortgage interest during the build period (intérêts intercalaires) is payable separately from the main repayment schedule. Factor this into your budget.

The Most Important Document in Your Purchase

The Acte de Vente VEFA (Deed of Sale) is the formal notarised deed that legally commits both parties to the sale and purchase. It is signed before the notaire (or by power of attorney) by both the buyer and the developer’s authorised representative, and is immediately authenticated and recorded in the public register.

Before you sign, the notaire will have verified and confirmed the following:

• The developer’s valid permis de construire (building permit) and confirmed it is uncontested

• The developer’s Garantie Financière d’Achèvement (GFA) the completion guarantee from a bank or insurer

• The notice descriptive, the full technical specification of your property forming part of the deed

• The staged payment schedule in full compliance with Article R261-14 of the French Construction and Housing Code

• That all mandatory diagnostics and documents required at this stage have been provided

What You Will Sign

The Acte de Vente VEFA is a comprehensive legal document. It will typically include the following principal sections:

• Identification of the parties (buyer, developer, notaire)

• Full description of the property and its situation within the building or development

• The règlement de copropriété and état descriptif de division - the co-ownership regulations and divisional description of the building

• The purchase price, payment schedule, and conditions for price revision (if applicable)

• The Garantie Financière d’Achèvement  in full – Finantial Completion Guarantee

• The expected delivery date and the contractual penalties for late delivery

• The notice descriptive in full (your specification)

Notaire Fees at the signature of the deed of sale - Acte de Vente

At the time of signing the Acte de Vente VEFA, you will pay notaire fees of approximately 2–3% of the purchase price. This is significantly lower than the 7–8% applicable to resale purchases, because off-plan VEFA properties are not subject to the droits de mutation (transfer tax). The property is VAT-liable, and TVA at 20% is included in the developer’s listed price. For a full explanation of notaire fees, see our companion guide.

How the Payment Schedule Works

Once the Acte de Vente is signed, you are the legal owner of the property in its current state of construction. As the building progresses, the developer is entitled to call for payments aligned to verified construction milestones. These calls are strictly governed by French law and set out in the Acte de Vente VEFA.

The maximum payment percentages permitted under Article R261-14 of the French Construction and Housing Code are:

The developer cannot call for payment more than these ceilings at any stage. Calls are documented and, for mortgage buyers, are coordinated between the developer, the notaire, and your lending bank.

Receiving and Managing Calls for Funds

Each appel de fonds (call for funds) will be accompanied by an attestation from a qualified professional typically an architect or maître d’œuvre confirming that the relevant construction stage has been reached. You should verify this documentation before transferring funds.

For international buyers managing payments across currencies, each call for funds is an exchange event. If you have established a forward exchange facility, this is the point at which you draw down against it. If you have not, you are exposed to the spot rate on the date of transfer. For a development with a two to three year build period and three to four payment calls, this risk is material.

Your Right to Inspect

As a VEFA buyer, you have two important rights of access to your property before handover. These are not optional courtesies; they are your opportunity to review the construction quality and specification against the notice descriptive signed at Acte stage, and to raise any concerns formally before you accept the keys.

Visite Cloison (Shell Stage Visit)

The visite cloison takes place once the internal partition walls (cloisons) have been erected but before plastering and second-fix finishes. At this stage, you can:

• Verify that the layout corresponds to the plan included in your Acte de Vente

• Confirm the position of windows, doors, and partitions

• Raise any concerns about structural positioning or deviations from plan

Any observations must be recorded in writing and sent to the developer by registered letter. This creates a formal record and puts the developer on notice of any required corrections before the finishes are applied.

Visite de Pré-Livraison (Pre-Handover Visit)

The pre-delivery visit takes place approximately four to eight weeks before the expected livraison date. At this stage the property will be substantially complete and you can review:

• Finish quality against the notice descriptive (floor coverings, joinery, kitchen, bathroom fittings)

• Appliances and technical installations (heating, ventilation, electrical fittings)

• Window and door operation, external terraces or balconies

• Any deviation from the agreed specification

Any defects or non-conformities noted at this stage should again be recorded in a formal written réserves document. The developer has an obligation to address these before or at handover.

In Summary: The VEFA Process Is Structured to Protect You

The VEFA framework is not simply an administrative process for buying a property that has not yet been built. It is a comprehensive system of legal, financial, and structural protections that governs every stage of the transaction from reservation to the end of the decennial warranty period.

For international buyers, the key is understanding the process in advance, establishing the right team of advisers, and engaging actively at each stage rather than treating the purchase as a passive investment. The buyers who navigate VEFA most successfully are those who:

• Take the 10-day cooling-off period seriously and use it to review documentation with their own notaire

• Arrange financing and currency strategy before the Acte de Vente, not at the point of each payment call

• Attend both construction visits and record any observations formally

• Arrive at livraison prepared to inspect thoroughly and exercise their right to withhold the final 5% if réserves are warranted

• Understand the scope and duration of the post-handover warranties and act promptly within the relevant periods

At Halle International, we accompany our clients through every stage of the off-plan VEFA purchase process. From initial development selection through to handover and beyond, we provide introductions to English-speaking notaires, specialist French property lawyers, qualified currency brokers, and independent snagging specialists with experience across the French Alps and French Riviera markets.

If you're ready to begin your property search or want to explore exclusive developments currently available, our team is here to help.

Request a one-on-one consultation, or join our private client list for first access to new releases.

Let us help you find a property as distinctive and refined as your lifestyle.