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VEFA regulations

We are one of the few developers within Morocco who chose to conform to the VEFA (Vente en L’Etat Futur d’Achievement) regulations. These are a set of rules that govern the sale of off-plan property in Morocco. These have only been adopted in 2002 and sadly have been largely ignored by the majority of developers since their implementation.

There are several advantages that you will benefit from:

Firstly and most importantly, any contract for sale of off-plan property that does not follow the VEFA Regulations is void - in other words, it's not worth the paper it's written on and therefore you are at risk of losing your entire investment if the developer goes bankrupt or fails to finish your property.

Secondly, under VEFA, your deposit and all payments that you make to the developer prior to completing the sale have to be underwritten by a bank guarantee. This means that if the developer is unable to finish the property on time, or at all, your money is protected by the bank issuing the guarantee and refunded to you. VEFA also insists on penalties for late delivery.

Thirdly, VEFA developments have to be verified by independent engineers who ensure that the various stages of the build have been properly completed, before you can be asked to pay subsequent installments. This gives you security in knowing that your build is progressing as it should.

Finally, because the build stages are being verified independently, banks are more willing to offer stage payment mortgages, which means that once you have paid your deposit, the bank will fund the remaining payments, thus reducing your capital investment in the property.

In short, VEFA projects ensure the highest protection possible under Moroccan law for your investment in off-plan property.

You can rest assured that all investments in Apple Gardens are fully protected by VEFA, guarantees.

For more information call CSDS today on 0845 074 2900 or email: info@moroccanpropertyforsale.com

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