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Terms of Payment

The Total Purchaser’s Cost (as shown on our price list) consists of the selling price + registration duty + other costs (notary fees & administrative costs).

 

Schedule of payment

The buyer will make staged payments in line with the government-regulated VEFA system (Vente en Etat Futur d’Achèvement) throughout the process of construction.

 

Schedule of payment% of Selling Price
Preliminary Reservation Agreement Funds to be deposited in an escrow account 15 %
On signature of Deed of Sale 15 %
(+ Registration Duty + Other Costs))
On completion of the foundations 5 %
On completion of the roof slab 20 %
On completion of doors, windows & waterproofing 15 %
On completion of the villa 25 %
On delivery of the villa 5 %

 

 

VEFA

All the IRS properties are sold by the provision of a “Vente en l’Etat Futur d’Achèvement (VEFA)”. A sale in a future state of completion is the contract by which a seller transfers at once to the buyer his rights to the land as well as the ownership of the existing structures. Further construction works become the property of the buyer as they proceed; the buyer is bound to pay the cost of them.

 

With the “VEFA”, the price of the residence is payable in installments as the work proceeds, in accordance with the provision of articles 1601-1 to 1601-45.

 

GFA

In accordance with the requirements of the VEFA, the development has resorted to a performance bond (Garantie Financière d’Achèvement – GFA) with a trusted banking institution. The GFA acts as a means of ensuring to the buyer the delivery of the property according to the conditions stipulated in the contract. In the event of the promoter failing to perform his obligation, the banks will be the guarantors of the delivery of the development.

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