New build purchase process - Stage 1

Once you and your sales adviser at VEF have identified the new build property that you wish to purchase, and you have confirmed the purchase price as well as the eventual running costs, the first step is to remove it from the market to stop any other party from buying it. Given the speed with which new build properties sell, it is advisable to choose a second and even a third favourite at the development in question, in case your preferred choice has already been sold.

Your sales adviser at VEF will put an ‘option’ on the property with the developer. This is, in effect a gentleman’s agreement between you and the developer. The length of an option will vary from 24 hours to one week. During this time, you can finalise how you intend to finance the property, and have a last minute trip to France to look at the site in question and meet the developer should you wish.

At the end of the ‘option’, should you wish to proceed with the purchase, you will normally be required to transfer to the French notary (not the developer) the refundable reservation deposit of 5%. This is paid in euro and must be made via a bank transfer.

This is a display of your intention to purchase whilst the contracts are drawn up.

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