What is a real estate fund call?
In real estate, a call for funds is a document sent to the owner of a property, apartment or house, in order to settle a sum of money linked to its construction or its enjoyment. The call for funds has an invoice value. In other words, this is a payment request. It can be addressed to the owner in the context of work in a condominium, the construction of real estate or the sale of a building to be renovated.
What are the different types of call for funds?
There are different types of funding.
Co -ownership financing
First of all there is the call for funds addressed in terms of condominiums. This is a document calling for the regulation of current charges due due to the maintenance of the collective parts of the building. They correspond to various services such as cleaning, the maintenance of green spaces, the water necessary for collective spaces as well as electricity.
A call for funds makes it possible to settle the work provided for by the provisional budget and the principle of which has been adopted at the general meeting. The co-owners must therefore set these calls (article 10 of law n ° 65-557 of July 10, 1965). These are generally sent to them per quarter.
It can also intervene to cover unforeseen expenses or large -scale projects exceeding the initial budget. For example: repair of the roof, a pipe, a weakened facade …
Construction of a house or an apartment
Second type of call for funds, that addressed to owners as part of a property under construction. It can be an individual house or an apartment. These calls are sent as soon as there is a construction contract for individual house or sale in the future state of completion – VEFA (articles L. 261-1 and following of the construction and housing code).
Sale of building to renovate (Vir)
Last type of call, that corresponding to the sale in future state of energy renovation (Vefr). In this type of operation, also called sale of building to renovate (VIR), an owner undertakes to carry out a certain number of energy renovation work in a building.
In return, he perceives sums from a future buyer-the latter then becoming the owner as the completion of the renovations. This specific regime is provided for in articles L. 262-1 and following of the construction and housing code.
Who pays for the call for funds?
The call for funds is sent to the owner or future owner of the property. It all depends on the type of operation in question.
The call is sent to the co -owner by the co -ownership trustee
In matters of condominiums, it is the co -owner who regulates the call of funds. This is sent to him by the in-office co-ownership trustee who administers the building in the name and on behalf of the syndicate of co-owners. The funds are held at the bank until real -time settlement of the various providers.
The call is sent to the owner by the manufacturer
In terms of construction of individual houses, it is the owner of the land on which the house is built which pays the calls addressed by the manufacturer.
The call is sent to the buyer by the promoter and the notary
As part of a sale in the state of future completion (VEFA), the purchaser must make the payments according to a schedule provided for in the reservation contract. They are used to finance the expenses incurred by the promoter as the construction progresses. The first call for funds is still made by a notary.
The purchaser of the property in the event of Vefr
Finally, in terms of Vefr (sale in the future state of renovation) it is the purchaser of the property who pays the calls corresponding to the different stages of realization of the renovation work.
How does the funding of funds work as part of the construction of a house?
The construction contract provides for all calls of funds
As part of the construction of real estate, the individual house construction contract provides for all of the funds which will be called as the work is completed. Making the law of the parties, the contract sets a global price in advance. It can only be increased only by contractual provisions.
The law fixes the maximum percentage of the price required by the manufacturer
This price is a compulsory mention of the individual house construction contract (articles L 231-2 and R 231-5 of the construction code). The law fixes the maximum percentage of the price that the manufacturer may require from the future owner called the contracting authority. This is staggered according to the different stages of construction of the house, therefore at different stages of the site (article R 231-7 of the construction code). Thus, any payment before the signing of the contract and at times not provided for by the contract is prohibited.
Details of the percentages according to the progress of the work
The sums paid by the client thus correspond to a percentage of the total price. They are called according to the following calendar:
- 3% when signing the contract (5% if there is a reimbursement guarantee)
- 15 % at the time of opening the site
- 25 % to the completion of foundations
- 40 % to the completion of the walls
- 60 % when the construction is put out of water
- 75 % to the completion of the partitions and the outdoor of the house
- 95 % at the completion of equipment, heating, carpentry and plumbing work.
- 5% upon receipt of the work or at the time of lifting of reserves
How to make a fundraising?
The co -ownership trustee establishes the funding of funds with its accounting service
The establishment of the funding of funds falls under the know-how and the expertise of the professional concerned. In terms of condominiums, the trustee is responsible for establishing funds in connection with its accounting service. He must therefore jointly examine the expenses of the building, the invoices and the co -ownership regulations giving him the key to the distribution of charges.
A payment request supervised by law
Calls for funds relating to the VEFA, the Vefr or the individual house construction contract are supervised by law. They are easier to establish, corresponding to a percentage of the price set for the acquisition of the property to be built or under renovation.
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