Acquiring a property in a future state of completion (VEFA), commonly known as “off-plan sales,” is an exciting step, but it requires careful attention. To help you navigate this complex process, we have compiled the ten golden rules to follow when buying a property in VEFA. Follow these guidelines to ensure a smooth and successful investment.
1. Consult a Notary
It is essential to seek professional legal advice when purchasing a property. An experienced notary will guide you through the drafting and validation of all official documents, helping you avoid costly mistakes.
2. Scrutinize the Reservation Contract
Before committing, carefully read the reservation contract. Take the time to understand every clause, term, and condition, as these will directly impact your rights and obligations as a buyer.
3. Evaluate the Developer’s Reputation
Research the developer. Look for reviews and references to verify their track record. A solid reputation is a sign of reliability and quality in the project’s execution.
4. Visit the Property Development Site
If possible, visit the construction site and review the housing model. This allows you to assess the quality of the project and envision your future home.
5. Verify the Property’s Size
Ensure that the size and layout of the property match your needs. Confirm that the specifications align with the agreed-upon information.
6. Monitor Delivery Deadlines
Check the construction and completion deadlines. These dates should be realistic and clearly stated in the contract to avoid any unexpected delays.
7. Demand Clear Guarantees
Understand the guarantees offered by the developer, especially regarding deposit reimbursements, construction, and equipment. This will protect you in case of a dispute.
8. Clarify Payment Terms
The payment terms should be clear and suited to your financial capabilities. Ensure that payments are tied to the progress of the construction to avoid any unjustified early payments.
9. Factor in Additional Costs
Be aware of all extra expenses, such as taxes, notary fees, and maintenance costs. These additional costs can significantly impact your overall budget.
10. Exercise Your Right to Withdraw
Understand and preserve your right to withdraw, which allows you to cancel the purchase within a legal timeframe under certain conditions. This is a crucial safeguard for your investment.
Acquiring a property through VEFA can be a rewarding experience, provided that you adhere to these golden rules. By staying informed and surrounding yourself with competent professionals, you will maximize your chances of success in this real estate project. For any questions or to start your property search in Essaouira or Marrakech, feel free to contact us at Atlasimmobilier. We are here to assist you every step of the way in your real estate journey.
