Buying off-plan – Buying off-plan offers you the opportunity to buy a property while construction is underway. Generally, there is a period of approximately 12 to 24 months between the time of purchase and the time of delivery of the property. As the property is not yet built, the sale will be carried out on plan.
Hence, the payment for the property will be staggered over time as the work progresses. At each different stage of construction, a call for funds corresponding to a fraction of the sale price will be generated by the property developer. The Code de la Construction et de l’Habitation defines the maximum amounts payable. This makes off-plan a formula that is very well regulated by the law and perfectly secure for the buyer.
Depending on the residence, the amount of the calls for funds requested at each stage may vary. Here are the main stages for an off-plan acquisition:
1. The signature of the reservation contract
- 5% of the sale price will be claimed upon reservation of the property
2. The signature of the deed
- 30% of the sale price will be claimed when signing the deed of sale
3. Payment of the property in instalments, by means of calls for funds :
- 35% of the sale price will be claimed upon the roofing stage
- 25% of the sale price will be claimed upon completion as determined by the architect
4. Taking possession of the home
- 5% of the sale price will be claimed when the keys are handed over