What does VEFA mean in French property?

1. A resale between two private owners
2. A rent-to-own lease
3. Vente en l'état futur d'achèvement: buying a home before or while it is built
4. A public auction of seized property

In a residential VEFA, what is the maximum share of the price the developer can call once the foundations are completed?

1. 50%
2. 10%
3. 35%
4. 70%

What cumulative share of the price can be called when the building reaches 'hors d'eau' (watertight)?

1. 70%
2. 35%
3. 95%
4. 100%

What happens to the last 5% of the price in a VEFA?

1. It is paid at the reservation
2. It is never paid
3. It is paid to the agent as commission
4. It is paid at handover, and can be held in escrow if the buyer records defects

A new flat in Nice is sold off plan for 320,000 €. What is the maximum the buyer can have paid once the building is hors d'eau, in EUR?

The VEFA sale is expected to be signed within 1 year of the contrat de réservation. What is the maximum reservation deposit?

1. 10% of the price
2. 5% of the price
3. 2% of the price
4. No limit

The developer expects to sign the VEFA deed in about 18 months. What is the maximum deposit at reservation?

1. 5% of the price
2. No deposit at all
3. 10% of the price
4. 2% of the price

The deed of sale is planned more than 2 years after the reservation. What deposit can the developer ask?

1. None
2. 2%
3. 5%
4. Whatever the buyer accepts

A buyer reserves a 280,000 € flat; the deed is planned within the year. What is the maximum reservation deposit, in EUR?

What is the maximum late-payment penalty a VEFA contract can charge the buyer?

1. 5% per month
2. 10% per month
3. 1% per month
4. There is no cap

What does the garantie financière d'achèvement (GFA) protect?

1. The completion of the building if the developer fails
2. The resale price after handover
3. The buyer's mortgage rate
4. The agent's commission

For building permits filed since 1 January 2015, who must give the GFA?

1. The developer itself, based on its own finances
2. The buyer's bank
3. The notaire
4. An outside guarantor: a bank, an insurer or a guarantee company

A developer tells your client: 'Our guarantee is intrinsic, based on our own strength.' The permit was filed in 2023. What do you do?

1. Accept it: intrinsic guarantees are still the norm
2. Point out that an extrinsic GFA has been required since 2015 and ask for the bank or insurer's guarantee
3. Tell the client a GFA is optional
4. Ask for a larger discount instead

An investor asks about the Pinel tax scheme for a new flat bought in 2026. What is accurate?

1. Pinel runs until 2030
2. Pinel ended on 31 December 2024
3. Pinel only applies in Paris now
4. Pinel was replaced by a VAT refund

Under the new statut du bailleur privé (Jeanbrun scheme), which new-build homes qualify?

1. Detached houses only
2. Any home, new or old, with no works
3. Only homes in Paris
4. Flats in collective buildings; houses are excluded

How long must an investor let the property under the Jeanbrun scheme, as set by the final loi de finances 2026?

1. 9 years, as a long-term unfurnished rental
2. 3 years, furnished
3. 6 years, short-term
4. No minimum

Under the Jeanbrun scheme, a new flat bought for 250,000 € and let at an intermediate rent can be depreciated at 3.5% a year on 80% of the price. What is the yearly amount, in EUR?

Same scheme, intermediate rent, but the flat costs 300,000 €. What yearly depreciation can the investor use?

1. 8,400 €
2. 10,500 €
3. 8,000 €, because the cap applies
4. 12,000 €

How many homes can one household put under the Jeanbrun scheme?

1. 2 at most
2. 1 only
3. 5
4. No limit

Which code sets the VEFA payment schedule caps?

1. The Code du travail
2. The Code de commerce, book on agents commerciaux
3. The Code de la route
4. The Code de la construction et de l'habitation (article R.261-14)