Buying a property off-plan is a very common practice in the Mauritian real estate market. The VEFA is the contract between the buyer and the developer when buying a new villa or apartment off-plan. Here are some ways to facilitate the process from booking to delivery.
VEFA guarantees the completion of the real estate program and provides a guarantee of delivery without unpleasant surprises. The contract protects the rights of the buyer and the promoter. It includes precise information on the surfaces of the dwelling, the quality of the construction, the number of main parts, the clearances and dependencies, and the collective elements, among others.
The VEFA provides several safeguards and protects the rights of the purchaser. The contract provides a one-year guarantee of full completion and a two-year guarantee of good functioning. The proponent is thus required to respect the quality level stipulated in the contract and to ensure that all equipment components function as they should. Before signing the “buying off-plan” contract it is important to understand the clauses.
Understand the steps
In most cases, the signing of a VEFA is preceded by a visit to the property. If the buyer is attracted by the project, he will first have to sign a “booking contract” and pay a security deposit. The deposit shall be 5% of the price of the dwelling in the case of a final contract and 2% in the case of a contract with a period not exceeding 2 years. The reservation contract shall include a detailed description of the future property, the number of rooms and its location in the building or subdivision, the estimated price, among others.
Furthermore, the ‘reservation contract’ must include a technical annex describing the public facilities, the nature and quality of the construction materials. The ‘booking contract’ must also specify the date of signature of the final contract and the date of delivery. However, it is good to know that during the booking process, not all developers communicate the housing plan to buyers and wait for the first phases of the project to begin. It should be reviewed and amended as necessary.
In accordance with the provisions of article 1601-30 of the Mauritian Civil Code, the payment of the prize is made as the work progresses. Namely 15% at the signing of the booking contract; 15% on signature of the deed of sale; 5% on completion of foundations; 35% after the building of the walls; 10% on completion of the creping; 5% on completion of the floor covering; 5% on completion of painting; 5% at the completion of the batch and 5% at delivery.
Evaco Group guarantees
The Evaco Group is made up of several professionals and collaborators who are committed to understanding your needs and offering you the best solutions in high-end real estate. We are committed to assisting you in all administrative procedures related to the purchase of the plan and the obtaining of the residence permit. Our support and follow-up secure the investment through Evaco Property.