3. VEFA Contract for Off Plan French Property
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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