New project – Informations before buying – You want to invest in new, off-plan or under construction, with a long-term key handover. A question always arises in those COVID time. For instance what happens if the construction does not come to an end? Will I get my money back?

Purchase of a new construction in progress, a secure investment, with guarantees.

This issue is topical. With the health crisis we are currently experiencing, some programs under construction have seen their progress hampered by containment. For instance, difficulties of supplying materials …… Moreover builders may not be able to meet the deadlines set before the crisis.

In the case of a project under construction and throughout the duration of the work, there is a money back garantie. The developer is obliged to guarantee the reimbursement of the amounts paid into his account until the keys are handed over. Moreover the amount guaranteed by the developer takes into account the price of the property and the VAT already paid.

These amounts can be guaranteed either by an insurance policy or by a bank guarantee.

Bank Guarantee

A financial institution, usually the same bank that finances the project is in charge of bank guarantee.

Insurance policy

In this case insurance company provide the guarantee.

I’m buying with a developper, what documents will be available to me?

New project – Informations before buying

Your choice is done and, you wish to buy a program. Off plan,under construction, or finished, you must know that as yourinvestment project progresses, documents will be available.

These documents are important because, in addition to informing you about your property, they will also govern your relations with the seller (Builder, Promoter and other third parties involved …….)

Below is a non-exhaustive list of these documents.

• Certificate of incorporation
• Lawyer power of attorney
• List of investors
• Energy certificate
• Pre-reservation form
• Commercial file
• Sales plan
• Method of payment
• Tax information
• Cadastral information

• Construction permit
• Guarantees and insurances for amounts paid
• Description of the construction
• Description of the builder loan
• Booking form
• Contract
• Copy of construction stages if not ready to move in

 

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