The Sale of Buildings to be Renovated (VIR) is a legally regulated system that allows buyers to purchase a property requiring renovation while benefiting from protections similar to those of the Sale in Future State of Completion (VEFA). This mechanism, governed by the French Construction and Housing Code (Articles L. 262-1 to L. 262-11), provides a secure framework for buyers and an attractive opportunity for investors and developers.
What is VIR?
VIR applies to the sale of an old building requiring rehabilitation work. In this framework, the seller—often a developer or property dealer—commits to carrying out the specified renovations before delivering the property to the buyer. Unlike a traditional purchase where the new owner is responsible for renovations, VIR legally requires the seller to complete the work, ensuring the property is restored according to agreed standards.
VIR Requirements and Guarantees
The Sale of Buildings to be Renovated is subject to strict legal regulations designed to secure the transaction:
✅ A detailed notarial contract: The preliminary sales agreement must include a description of the building, a list of the work to be done, the associated costs, and the project timeline.
✅ Staggered payments: The buyer pays for the property in installments based on the progress of the renovation work.
✅ Completion guarantee: The seller must provide a financial guarantee ensuring that the work will be completed, even in case of financial failure.
Benefits of VIR
For the buyer:
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A renovated property with strong legal guarantees.
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Progressive payments limiting financial risks.
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A clear legal framework protecting against defects and unfinished work.
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The possibility of benefiting from tax incentives, such as deficit foncier, for rental investments.
🔹 For the seller:
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Increased property value through a structured renovation process.
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A secure framework reassuring buyers.
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Easier access to the old property market, offering an alternative to VEFA (off-plan sales).
Why Choose VIR?
VIR is an attractive opportunity for investors and buyers looking to purchase an older property while enjoying protections similar to those of a new construction. It is particularly well-suited for high-demand urban markets, where the renovation of old buildings is a key issue.
However, this system remains relatively unknown and requires the expertise of specialized professionals to ensure a smooth transaction.
The Sale of Buildings to be Renovated is an innovative solution, offering a middle ground between old property purchases and VEFA, with enhanced guarantees for a secure and profitable investment.