Signature of the CRP
(Contrat de Réservation Préliminaire):
reservation agreement between the buyer and the IRS company (the vendor);
upon receipt of the required documents from the buyer, the vendor will submit an application for IRS acquisition to the Economic Development Board (EDB) of Mauritius (on behalf of the buyer);
Signature of the DOS (Deed of Sale):
once the EDB approval letter is received and all other relevant acquisition criteria have been met, the buyer and vendor shall proceed with the signature of the sale agreement before the Notary in Mauritius.
The buyer will make staged payments in line with the Government implemented
VEFA (Vente en Etat Futur d’Achèvement) system through to the completion of construction.
1. Preliminary Reservation Agreement (CRP) Funds to be deposited on a secured escrow account
2. On signature of Deed of Sale*:
3. On completion of the foundations:
4. On completion of the ground floor slab:
5. On completion of the roof:
6. On closure:
7. On plastering and tiling:
8. On practical completion:
9. On delivery of keys:
*All taxes are payable at Deed of Sale
The prices shown in our pricelist consist of the Total Purchase Cost payable
by the buyer and include all taxes, fees, commissions and charges.
The purchase price of the property specified on the Deed of Sale is calculated
according to the price indicated on the price-list less the Registration Duty.
All the IRS properties are sold by the provision of a “Vente en l’Etat Futur d’Achèvement (VEFA)”.
A sale in a future state of completion is the contract by which a seller transfers at once to the buyer his rights to the ground as well as the ownership of the existing structures. Construction works become the property of the buyer as they proceed; the buyer is bound to pay the cost of them. With the “VEFA”, the price of the residence is payable in installments as the work proceeds, in accordance with the provision of articles 1601-1 to 1601-45.
In accordance with the requirements of the VEFA, the development has resorted to a performance bond (Garantie Financière d’Achèvement – GFA) with a trusted banking institution. The GFA acts as a means of ensuring to the buyer the delivery of the property according to the conditions stipulated in the contract. In the event of the promoter failing to perform his obligation, the banks will be the guarantors of the delivery of the development.