Buying off-plan or Selling in the future state of completion is one of the options available to foreigners wishing to acquire a property in Mauritius. This method of sale has a particularity: at the time of the signature of the contract, the property has not yet been built!
Precise and thought-through steps
The VEFA is governed by the French Civil Code, which is also applicable in Mauritius because of its colonial past. Thus, the individual wishing to purchase property in Mauritius while staggering payments can turn to VEFA’s programs, that is, sale before completion. As the French Civil Code is in force in Mauritius in the field of real estate, this program is accessible to all desiring persons. Among its many advantages, it allows the future owner to participate in the planning and design of his residence.
The payment schedule is as follows:
Governed by article 1601-3 of the Civil law, “the sale before completion is the contract by which the seller immediately transfers to the buyer his rights to the land as well as the ownership of the existing buildings. Future works become the property of the buyer as they are carried out; the buyer is required to pay the price as the work progresses. The seller retains the authority of the controller of the works until the works are received.”
In this context, the developer must be able to assure the purchaser that construction financing is guaranteed in the event of default. For this, the developer must sign a guarantee of financial completion (GFA), which states that the developer guarantees the completion of the real estate program through an external guarantor (e.g., a bank), which provides this guarantee.
The VEFA takes place in two stages:
Signing of the reservation contract: the future buyer and the developer sign a contract that will confirm the reservation of the real estate to be built. A deposit must be paid by the buyer, equivalent to a security deposit paid to a dedicated account opened at a notary.
Signature of the final sales contract: issued one month before the expected date of signature, this contract, which is equivalent to the title deed, stipulates the rights and obligations of the buyer towards the seller. It contains the precise and definitive description of the property.
The VEFA is perfect for foreigners who are still hesitating about investing in real estate far from home, thanks to very precise and thought-through steps.
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