> ## Knowledge Base Index
> Fetch the complete knowledge base index at: https://help.raizers.com/sitemap.xml
> Use this file to discover available pages before exploring further.
> Pure-Markdown content can be obtained by appending a '.md' suffix to the content URLs listed in the sitemap (without the trailing slash).

# What is a VEFA (Sale Before Completion)?

### ${color}[#3faae1](A ‘off-plan’ purchase)
A VEFA (Sale Before Completion) involves a buyer purchasing a property off-plan, even before its construction has been completed. This is a contract between the buyer and the developer, which serves a dual purpose:
* It guarantees the buyer that the property will be completed
* It enables the developer to be paid as the work progresses, according to a payment schedule set in advance. The balance is paid by the buyer upon handover of the property.

### ${color}[#3faae1](A guarantee requirement for residential properties)
For all off-plan sales of residential properties, the developer is obliged to take out a financial guarantee of completion ([__GFA__](https://help.raizers.com/fr/article/quest-ce-que-la-garantie-financiere-dachevement-rhjl6k/)), which guarantees the completion of the works even in the event of the developer’s default.

### ${color}[#3faae1](The advantages of buying off-plan)
* Reduced notary fees: between 2 and 3 per cent for new-build properties, compared with around 7 to 8 per cent for existing properties.
* The zero-interest loan (PTZ): subject to means testing and available to first-time buyers, it allows up to 50 per cent of the cost of a new-build flat (and up to 30 per cent for a new-build detached house) to be financed, interest-free.