A Miami preconstruction purchase usually has several decision points between the first reservation and the final closing. The exact deposit percentages and dates are project-specific, but the buyer’s verification process should remain consistent: identify who receives the money, read the current contract and condominium documents, track every notice and preserve enough liquidity for closing.
Florida law and the project contract control the transaction. This guide is an educational timeline that helps you organize questions for a Florida real-estate lawyer, accountant and lender; it is not a substitute for their advice.
1. Reservation or initial offer
A sales team may use a reservation form or initial deposit before the full contract is executed. Ask whether the reservation is binding, where the funds are held, when the full contract will be delivered and what happens if you do not proceed. Do not assume a marketing summary contains every material term.
Before sending funds, confirm the wire instructions independently using a trusted phone number. Real-estate wire fraud can involve convincing messages that imitate legitimate parties. Your lawyer or closing professional can tell you the verification procedure they require.
2. Contract and disclosure review
The contract should identify the legal seller or developer entity, the unit, purchase price, deposits, escrow arrangements, completion provisions, default remedies and closing process. The condominium documents may include the declaration, articles, bylaws, prospectus or offering circular, budget and exhibits.
The Florida Department of Business and Professional Regulation states in its condominium filing FAQ that required filings include the declaration, association articles, bylaws and prospectus or offering circular. Its official condominium purchasing guide is a useful starting point. Ask your lawyer which review or cancellation provisions apply to your specific contract and whether deadlines begin on receipt of documents.
3. Deposits and escrow
A developer’s advertised schedule may divide deposits among contract signing, construction milestones and a later date. Never transfer a “typical” schedule from one project to another. Use the executed contract and written escrow instructions for the amount, due date, recipient and consequence of a late payment.
Florida Statute 718.202 addresses sales or reservation deposits before closing for condominium parcels and describes escrow requirements, including treatment of payments up to ten percent of the sale price in covered circumstances. The statute contains detail and exceptions; it should be interpreted for your transaction by a Florida lawyer.
Questions to document for each payment
- What exact contract provision makes this installment due?
- Who is the escrow agent, and how have the instructions been verified?
- Is the payment refundable, conditionally refundable or non-refundable under the contract?
- What notice is required before a milestone payment?
- Does the contract permit assignment, and does an assignment change deposit obligations?
4. Construction and project updates
During construction, preserve all amendments, notices, receipts and statements in one transaction file. Compare updates against public permit information when useful. Miami-Dade County provides official access to permit history, plans and certificate searches, although projects inside individual municipalities may use that municipality’s building department.
An estimated delivery season is not the same as a guaranteed closing date. Ask which contract section governs extensions and notice, and keep your lender and tax adviser informed if timing changes.
5. Financing, entity and residency planning
Start financing and ownership-structure discussions early. A lender may treat a condo-hotel, flexible-use or building with a high investor concentration differently from a conventional condominium. A foreign buyer may also need additional identity, banking and tax documentation. Do not create an entity or transfer contract rights solely from a marketing recommendation; obtain legal and tax advice that considers both the United States and your home jurisdiction.
6. Pre-closing inspection and documents
Before closing, confirm the inspection or walk-through procedure, punch-list process, available warranties, final unit designation and any changes disclosed by the developer. Review the final closing statement and wiring instructions with your professionals. Reconcile deposits already paid and ask about association contributions, transfer or document fees, title-related charges, lender costs and required insurance.
7. Closing and post-closing setup
At closing, ownership documents and funds are completed according to the contract and applicable law. Afterwards, retain the recorded deed and closing package, establish association and utility accounts, confirm insurance and homestead questions where relevant, and document any unresolved punch-list items.
Compare current projects with the timeline in mind
Use the dedicated pages for Brickell, Edgewater, Wynwood and Downtown Miami to create a shortlist. Then request each project’s current documents and complete the same timeline review. Our broader Miami new-development guide explains how product types differ across neighborhoods.
Last reviewed August 2026. General information only; not legal, tax, accounting, financing or investment advice. Contract terms vary and government sources may change.
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