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What is CCG?

CCG is unlimited:

Included in the sum:

  • The guarantor commits to complete the project, thereby certifying the building as habitable. This can include the demolition of what has already been constructed.

Included in the term period:

  • The guarantor commits to the project completion until the urban completion (completion of the project in its external environment and city infrastructure), and access created and feasible, and operation of the common areas.
  • Technical completion: completed urban development and habitable dwellings (but not including: wallpaper, …), sanitation execution by a licensed professional and certified by the contractor/project manager.
  • Following these 2 receptions, there can be no obstacle for the developer and thus for the guarantor.

VEFA (Off-Plan) Benefits for the purchaser:

  • Allocate a home prior to its construction.
  • Dispersing in installments the selling price by way of fundraising, depending on the progress of work,
  • Legal, financial and technical guarantees.

VEFA (Off-Plan) Benefits for the developers:

  • Possibility of “Pre-selling” the project
  • Financing the transaction by means of fundraising

Preparation of a GFA (Agriculture & Land Group) file:

Document Checklist:


  • Statutes, K-bis (less than 3mois)
  • Tax bond (of the holding company and the project company)
  • Organizational chart (for groups)
  • Consolidated appraisal (for groups)
  • Introduction of management (experience)
  • Management status of leaders
  • The construction permit, ? PC, PCM
  • The transfer of PC /PCM
  • Certificate of non-use by third parties
  • Report of display of building permits
  • Notarized certificate of ownership of the land, or the promise of sale
  • Draft Deed of Sale
  • Financial institution details of the project


  • List of workers on site
  • Copy of Structural/Construction work contract with Decennial Liability Insurance certification
  • Copy of Project Management contract
  • Copy of certificates DO (works damage), TRC (All-risk construction insurance), CNR (property developer) (for each project); fires and miscellaneous risks, RC PRO (once a year)
  • Descriptive summary notice
  • Ground plan


  • Project appraisal
  • Project cash flow plan (if possible, by specialization)
  • Condition of pre-marketing (if possible, notarized certificate, allocation agreement)
  • Proof of contribution
  • Proof of credit and loan lines
  • Estimate for the project

Technical Preparation:

  • City of the construction project
  • Verification of land allocation agreement if it is not yet acquired
  • Verification of allocation agreements and precedent terms
  • Verification of details of Construction Permit (CP) in line with the project (building surface, surface floor, property address, date du CP, name of the PC beneficiary, number of dwellings,)
  • Project start date
  • Project duration
  • Estimate completion date
  • Verification of non-appeal letters
  • If appealed, letters of voting appeal
  • Price per city sqm – price per sqm of the project

Financial Preparation:

  • CA TTC (net sales, tax inclusive) of the project
  • Cost of property (usually 25% of the project)
  • Property Financing (the bank does not usually finance more than 50%)
  • Verification of project expenses
  • Construction expenses (usually 50% of the project)
  • Gross margin of project (>15%)
  • Net margin of project (>7%)
  • Equity contribution (>10%)
  • Promotional Credit (max between 30 and 40% of the project)
  • Pre-marketing (>40%)
  • Transfer (tax deductible for the seller at 20%)
  • Delay (<15%)
  • Cash flow statements cash receipts / disbursements (month by month and according to fundraising schedule)

The Guarantees:

  • Pledge of mortgage allotment
  • Autonomous guarantee of the shareholder company
  • Personal and solidarity guarantee of the shareholder
  • Pledge of bank account/life insurance…
  • Enrollment in DO/TRC/CNR
  • Assumption of non-transfer of shares
  • Opening of a central account dedicated to the project.

The Premium:

  • Prime basée soit sur le CA TTC de l’opération soit sur son prix de revient hors terrain commission courtier inclus
  • La Prime est fonction de la qualité du dossier
  • Frais de dossier (étude + suivi + rédaction des contrats)

Follow up of a GFA case:


  • Status of marketing
  • State of progress of work on contractor’s proof
  • Statement of bank account taken from central account
  • Status of fundraising and flow

End of Construction:

  • Do not confuse acceptance of work and delivery
  • DAT signed by the town hall and contractor
  • The GFA ends at the completion of the construction which is determined by a licensed professional (article 261-24 du CCH).

Calamity management of a GFA case:

Exercising the guarantee:

  • It can only be used in the event of the seller’s default and is recognized by the seller’s state of cessation of payments or when the seller establishes that he does not have the necessary funds to complete the construction.
  •  The guarantee covers only the sums intended to ensure the construction is habitable within the limits of the building permit and the description. Landscaping, gardens and fences are not covered by this guarantee.


Am Trust Europe

Insurer USA listed on Nasdaq since November 2006

  • Rating A.M. Best: A (excellent)
  • Authorization: to set up 10M€ per case