Purchasing a Property at Bab Adrar D'Atlas
Purchasing a finished property at Bab Adrar
If you choose to purchase one of the completed luxury villas, you will follow the following procedure:
1. Reservation contract - 5% deposit to secure the property
2. Compromis de vente - irrevocable sales purchase agreement, binding to buyer and seller. 70% of the property purchase price is payable on signature of this sales agreement
3. Acte de vente - final sales completion document. Final 30% of purchase price payable on receipt of title deed.
Purchasing a property off-plan (VEFA)
If you opt to purchase one of the four remaining properties off-plan, there is a very strict purchasing process that must be followed and which is served by very exacting laws in Morocco.
1. Reservation contract - 3-5% reservation fee to secure the property. This contract states how the purchase transaction will progress throughout the construction of the property. It is accompanied by a detailed document that explains the full information about the property to be purchased and states a timeframe from which the preliminary contract must be signed.
2. Preliminary contract - this contract will be signed once an architect's certificate has been issued to state that the property foundations, cellars and slab have been completed. It states the exact terms of stage payments, the timescale for completion of the property and the terms under which the property is being purchased.
3.Acte de vente /definitif- this is the final sales completion document and is issued once the property is fully finished and the title deed issued. At this point the final 5% is payable.
