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3. VEFA Contract for Off Plan French Property
- Contract Documentation
- Price
- Delivery Date
- Fees
- Grounds for Withdrawal
- Insurance
3.5. Grounds from Withdrawal
The law stipulates several grounds on which the purchaser can withdraw from the contract and recover all monies paid to the seller.
- The developer did not respect the date in the preliminary contract for signing of the final VEFA contract;
- The final purchase price in the VEFA contract or at completion is at least 5% higher than the provisional price, excepting any increases permitted by a price revision clause that may be in the contract;
- You are refused a mortgage as set out in the contract, or the mortgage offer is lower by at least 10% than that set out in the contract;
- The property at completion is different than that set out in contract and these differences reduce by more than 10% the value of the property;
- That communal facilities, as set out in the VEFA contract, are not provided.
If you wish to withdraw using one of these grounds then you must send a recorded delivery letter to the seller and the bank (or notaire) holding the deposit. You are entitled to a full refund within three months of your demand.
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