The VEFA reservation contract is the first formal step in purchasing a new home off-plan. Also known as a preliminary contract, it precedes the signing of the authentic deed of sale at the notary's office and commits the buyer to reserving a property with the developer, while outlining the conditions under which this reservation can be canceled.
In Marseille, where the market for new build developments is active and where demand often exceeds supply in the most sought-after sectors, thoroughly understanding this document is an indispensable precaution before making any commitment.
The reservation contract is a private agreement concluded directly between the buyer (the reservee) and the developer (the reservor). It is not legally mandatory, but highly recommended as it establishes the conditions of the transaction before the final sale is formalized at the notary's office.
By signing this contract, the developer commits to reserving the property for the buyer if the construction program is realized, and the buyer commits to acquiring the property under the agreed conditions. This document constitutes the roadmap for the transaction: it precisely defines what will be delivered, at what price, and within what timeframe.
Unlike a simple commercial agreement, the VEFA reservation contract is strictly regulated by the French Construction and Housing Code, notably by articles R261-25 to R261-31. These provisions dictate the mandatory information that the contract must contain, the conditions under which the security deposit can be requested, and the cases where the buyer can withdraw without losing their deposit.
This regulation protects the buyer against unfair practices and guarantees them a minimum level of information before any financial commitment.
The signing of the reservation contract opens a legal 10-day withdrawal period during which the buyer can cancel their commitment without justification, costs, or penalties. This period runs from the day following the first presentation of the letter notifying the contract, whether it was signed in person or sent by mail.
The withdrawal must be notified to the developer by registered mail with acknowledgment of receipt within this timeframe. If the last day of the period falls on a Saturday, Sunday, or public holiday, it is automatically extended to the next business day.
Our real estate agency in Marseille systematically verifies these deadlines to protect our purchasing clients.
The reservation contract must mention the provisional price of the property and, if applicable, the conditions for revising this price. It must also specify the anticipated date for signing the final deed of sale at the notary's office, the provisional duration of the works, and the estimated delivery date.
This information allows the buyer to plan their financing and future obligations. The VEFA price is definitively fixed upon signing, unless the contract explicitly includes a revision clause indexed to a construction industry index — a detail the buyer must check and understand before signing.
A precise description of the property must be annexed to the reservation contract. It must state the living space in square meters, the number of rooms, the position of the property within the building (floor, orientation), the nature and quality of the materials used, and the full list of the residence's shared amenities.
This description is the reference document that will be compared to the delivered property when the keys are handed over. Any significant discrepancy between what was planned and what is delivered can open up avenues of recourse for the buyer. It is therefore essential to read it carefully and ask for clarifications on any ambiguous point.
The contract must also mention the conditions allowing the buyer to cancel their commitment and recover their security deposit. Outside of the legal 10-day withdrawal period, the buyer can claim a full refund of their deposit in several situations.
Refusal of bank financing after two attempts with different institutions, a discrepancy of more than 5% between the final price and the provisional price stated in the contract, non-fulfillment of a required condition precedent, or delivery with characteristics significantly different from those promised.
Upon signing the reservation contract, the developer may request the payment of a security deposit. Its amount is strictly capped by law: it cannot exceed 5% of the sale price if the authentic deed is signed within a period of less than one year, and 2% if this period is between one and two years.
No deposit can be requested if the signing of the deed of sale occurs beyond two years. For a new apartment at 250,000 euros in Marseille with delivery planned in 18 months, the maximum deposit will therefore be 5,000 euros (2%). This amount is kept in a special bank account opened in the buyer's name or deposited with a notary, and can under no circumstances be used by the developer before the final deed is signed.
If the buyer withdraws within the legal 10-day period, or in one of the legitimate cases of cancellation provided by regulations, the developer is required to refund the entire security deposit within three months. No deduction for administrative fees or penalties can be made.
Conversely, if the buyer withdraws from their purchase without a valid reason after the expiration of the withdrawal period, the developer may retain the deposit as damages. On a 250,000 euro apartment, this retention can represent up to 12,500 euros — a substantial sum that highlights the importance of not signing a reservation contract without being certain of wanting to complete the acquisition.
If the buyer intends to finance their acquisition using an Interest-Free Loan (PTZ), this point must appear clearly in the financing plan annexed to the reservation contract. Mentioning the PTZ in the financing file offers a practical advantage: banking institutions view it as a state-guaranteed loan comparable to a quasi-down payment, which strengthens the solidity of the application.
Not all developers marketing programs in Marseille offer the same guarantees of financial solidity or the same track record regarding compliance with deadlines. Before signing a reservation contract, it is recommended to check developments already delivered by the same developer, read reviews from buyers regarding delays and delivery quality, and ensure that the financial completion warranty is backed by a reputable institution.
The descriptive brief annexed to the reservation contract must be read with particular attention. Vague wording regarding the quality of materials, the type of fittings, or finishes can pave the way for deliveries below expectations without the buyer being able to exercise effective recourse.
Signing a reservation contract without first having clear visibility on your financing plan is a common mistake. If the buyer finds themselves unable to obtain a bank loan after signing, the financing condition precedent will allow them to recover their deposit — but at the cost of administrative procedures and a delay that can extend to several months.
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