How off-plan (VEFA) works in France

French off-plan sales are among the most protected in Europe. The VEFA (vente en l’état futur d’achèvement) caps what a buyer pays at each stage of construction, caps the reservation deposit, and requires an outside guarantee that the building will be finished. For an agent, the work is less about legal risk than about the numbers: which tax scheme applies to an investor, what the rent will be allowed to be, and when the money is called. Here is how it works in October 2026.

The short version

1. A VEFA sale is regulated by the Code de la construction et de l’habitation (articles L.261-10 and following).
2. The contrat de réservation deposit is capped at 5% if the sale is signed within a year, 2% within two years, and nothing beyond.
3. Stage payments are capped by article R.261-14: 35% at foundations, 70% when watertight, 95% at completion, 5% at handover.
4. Every residential VEFA needs a garantie financière d’achèvement (GFA), which must be extrinsic (from a bank, insurer or guarantee company) for building permits filed from 1 January 2015.
5. Pinel ended on 31 December 2024. The 2026 finance law created a new statut du bailleur privé for purchases until 31 December 2028.
6. As with every home sold, the agent needs a mandate from the developer and must show fees the way the rules require.

The contrat de réservation

A VEFA sale usually starts with a reservation contract, before the sale itself is signed before the notaire. Le Mag Juridique gives the deposit caps:

Time until the sale is signed	Maximum deposit
Within 1 year	5% of the price
Within 2 years	2%
More than 2 years	None

The source cites article R.261-68, while most texts place these rules at R.261-28 to R.261-31. Check the article with the notaire before quoting it.

The payment schedule

Article R.261-14 sets the maximum cumulative amounts the developer can call (Le Mag Juridique):

Stage	Maximum paid in total
Foundations completed	35%
Building watertight (hors d’eau)	70%
Completion (achèvement)	95%
Handover of the keys	100%

The last 5% can be held in escrow if the buyer records defects at handover. Late-payment penalties are capped at 1% a month.

Example: a €350,000 flat in Lyon, reserved 10 months before the sale.

Stage	Cumulative maximum	Called at this stage
Reservation deposit (5%)	€17,500	€17,500
Foundations (35%)	€122,500	€105,000
Watertight (70%)	€245,000	€122,500
Completion (95%)	€332,500	€87,500
Handover (100%)	€350,000	€17,500

For a buyer with a loan, the schedule decides when the bank releases funds. In October 2026, broker averages were 3.66% over 20 years and 3.75% over 25 (PAP.fr).

The completion guarantee

The GFA ensures the building is finished if the developer fails. Homunity explains that, under ordinance n° 2013-890 of 3 October 2013, it must be extrinsic, that is given by a bank, an insurer or a guarantee company, for every residential project whose building permit was filed from 1 January 2015. Ask the developer for the guarantor’s name and certificate.

Builder warranties. The buyer is also commonly described as covered by a one-year completion warranty, a two-year warranty on equipment and the ten-year décennale for structural defects, under the Civil Code, with dommages-ouvrage insurance held by the developer. We did not verify these for this guide, so ask the notaire for the certificates.

Buyer costs

Buyer costs on a first sale of a new home are generally reported to be much lower than on a resale, where transfer taxes reach 6.31% or 5.81% depending on the department (MesFraisNotaire). We did not verify the new-build rate for this guide, so ask the notaire for an estimate rather than quoting a figure.

Withdrawal. A non-professional buyer of a home has a 10-day withdrawal period under article L.271-1 of the Code (Notaires de France). Ask the notaire how it applies to the reservation contract on each project.

Investor buyers

Pinel is over. The Pinel tax reduction ended on 31 December 2024 (Lefebvre Dalloz).

The statut du bailleur privé. The 2026 finance law, n° 2026-103 of 19 February 2026, created a new regime for private landlords, also called the dispositif Jeanbrun, in force from 21 February 2026 for purchases until 31 December 2028. Manda summarises the final text:

Point	Rule
Commitment	Unfurnished long-term rental for 9 years
Base	Depreciation on 80% of the price
New flats in collective buildings	3.5%, 4.5% or 5.5% a year, for intermediate, social or very social rent
Older homes with works of at least 30% of the price	3%, 3.5% or 4% a year
Yearly cap	€8,000, €10,000 or €12,000
Limits	Houses excluded, at most 2 homes per household

An earlier summary by Lefebvre Dalloz, written before the final vote, gave a 12-year commitment and one cap only. Check the final text on Légifrance before you present the scheme to a client, and send investors to a tax adviser.

Furnished lets. For sales from 15 February 2025, depreciation claimed under the LMNP real regime is added back when computing the capital gain, with exceptions for student and senior residences and care facilities. The 2026 finance law extended the same rule to the new private landlord regime (NBE Avocats). Investors should factor this in from day one.

Energy. Your investor clients will compare a new build with older stock, where homes rated G cannot be let on a new lease since 1 January 2025, F from 2028 and E from 2034 (Hellio).

Second homes. A buyer who keeps a new flat as a second home in Paris, Lyon, Bordeaux or Nice faces the 60% surcharge on the communal taxe d’habitation (SeLoger, October 2026).

Where the prices are

For context on what a new build competes with, MeilleursAgents estimates existing apartments at 1 October 2026 at €9,630/m² in Paris, €5,245 in Nice, €4,714 in Lyon and €4,448 in Bordeaux. Compare them with the project’s own price list, and explain any gap.

What to check on the developer and the project

• The building permit and whether it is final.
• The GFA certificate and the guarantor’s name.
• The reservation contract: deposit within the cap, the expected signing date, and the conditions for the deposit’s return.
• The payment schedule in the deed, within the R.261-14 caps.
• The delivery date and penalties for delay.
• The insurance certificates.
• For investors, which tax scheme applies, its rent caps and its commitment period.
• Your mandate with the developer, your fee and when it is paid.

Red flags

• A deposit above 5%, or any deposit for a sale more than two years away.
• Payment calls ahead of the construction stage.
• No extrinsic GFA for a recent project.
• An investor pitch still selling Pinel, or quoting the bailleur privé figures without the final text.
• Promised rents above what the chosen tax scheme allows.
• Asking you, as an agent commercial, to collect a deposit.

VEFA buyers in France are protected by capped payments and an outside completion guarantee, and investor tax rules changed in 2025 and 2026. This guide was checked on the date shown above. It is general information, not legal or tax advice. CloserPass is not affiliated with any developer, Notaires de France, the CCI or any government body in France.

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