How to Buy a Pre-Construction Condo in Miami

New pre-construction condo towers in Miami

Buying a pre-construction condo in Miami means signing a purchase contract with a developer for a unit that does not exist yet, paying a series of deposits while the tower goes up, and paying the balance at closing, once the building receives its certificate of occupancy. Florida law gives you two protections that most buyers never read in full: your first deposits must sit in escrow under Florida Statute 718.202, and you have 15 days to cancel after signing and receiving the offering documents under Florida Statute 718.503.

This guide walks through the pre-construction process step by step: how the deposits work, what the law says about where your money goes, how the 15-day right works, how buyers from outside the U.S. finance at closing, and what can go wrong. Every figure comes from a named source with a date. Nothing here is a promise about any specific building.

Published September 29, 2026 · Last reviewed September 29, 2026 · By Floralba Núñez, Broker Associate, Finca Raiz International Realty Corp.

How pre-construction works in Miami

A pre-construction purchase is a contract to buy a unit at today's price, with delivery years from now. The typical sequence looks like this:

Reservation. Some developers take a reservation before the contract is ready. Florida law requires reservation deposits to go into escrow and to be refunded in full, immediately, if you ask for your money back (Fla. Stat. 718.202(6)).
Purchase contract. You sign the developer's contract and receive the condominium documents: the declaration, the estimated operating budget, floor plans and the rest of the offering. This is the moment your 15-day cancellation window starts running.
Construction milestones. Additional deposits come due at events defined in the contract, such as groundbreaking or topping off.
Certificate of occupancy and closing. When the building is complete, you pay the balance, often with a mortgage, and take title. Florida's condominium law defines completion of construction as the issuance of a certificate of occupancy for the entire building (Fla. Stat. 718.202(4)).

From contract to closing, a Miami tower commonly takes around two years, and complex projects can take longer. The contract, not the brochure, sets the dates, the deposit calls and what happens if the schedule slips.

Pre-construction deposit schedules

There is no single deposit structure in Miami. Each developer writes its own contract. What you can say with confidence is how the market usually shapes it.

According to DAK Mortgage, a Miami mortgage broker (article updated January 15, 2026), buyers of pre-construction condos in Miami pay about 30% to 50% of the purchase price before closing. Its example schedule is:

20% at signing of the purchase agreement
10% at groundbreaking
10% at topping off
The balance at closing

Other contracts split the first 20% into two 10% payments a few weeks apart, add a mid-construction payment, or ask for a higher total in the most expensive towers. Before you sign, write down three numbers from your own contract: the total you will have paid before closing, the date or event that triggers each payment, and the balance you will need to fund at closing. That last number is the one that decides whether you need a mortgage, and how large.

Ask as well what happens if you miss a deposit call. In most developer contracts a missed payment is a default, and the consequences, including the possible loss of deposits already paid, are written into the default clause.

Escrow protections under Florida Statute 718.202

This is the part of the process where Florida law is most specific, and it is the part buyers ask about most: is my deposit safe if the developer does not finish? Here is what Florida Statute 718.202 says, in plain language (2026 Florida Statutes, reviewed September 29, 2026).

The first 10% goes into escrow

When a developer sells a unit before construction is complete, it must pay into an escrow account all payments up to 10% of the sale price. That money stays in escrow until the buyer properly terminates the contract, the buyer defaults, or the sale closes. The statute also says every escrow agent must be independent of the developer: no developer, and no officer, director, affiliate, subsidiary or employee of one, may serve as escrow agent (718.202(8)).

What happens to money above 10%

Payments above 10% of the price must also be held in a special escrow account. The developer may withdraw that excess money only if the contract allows it, and only for the actual costs of constructing and developing the condominium. The statute is explicit about what it cannot be used for:

salaries, commissions or expenses of salespeople;
advertising, marketing or promotion;
loan fees and costs, and attorney, accounting or insurance costs, among other items listed in the law.

In practice, this means two different levels of protection. The first 10% stays in escrow until closing or termination. Anything above 10% may already be in the concrete and steel if your contract says so. You will know because the statute forces the developer to say so: a contract that allows this must carry, in bold on the first page and just above your signature, the legend "ANY PAYMENT IN EXCESS OF 10 PERCENT OF THE PURCHASE PRICE MADE TO DEVELOPER PRIOR TO CLOSING PURSUANT TO THIS CONTRACT MAY BE USED FOR CONSTRUCTION PURPOSES BY THE DEVELOPER." If you see that sentence, assume the money above 10% is being spent on the building.

If the developer does not comply

If a developer fails to follow the escrow rules, the statute makes the contract voidable by the buyer, with deposits refunded with interest. Willfully failing to comply is a third-degree felony under the same section. These rules are one reason Miami's pre-construction market works on large deposits at all: the law puts the first layer of the buyer's money out of the developer's reach.

What escrow does not do is guarantee a profit, a delivery date or the value of the unit at closing. It protects where the money sits, not what the market does.

Your 15-day right to cancel under Florida Statute 718.503

Florida Statute 718.503 gives buyers who purchase from a developer a right to cancel that cannot be signed away. The contract is voidable by the buyer by written notice within 15 days after the later of two events: signing the contract, and receiving all of the documents the developer is required to deliver. Developer contracts must print this right in capital letters, and the statute says any waiver of it has no effect.

The documents that start the clock include, among others:

the declaration of condominium and the question-and-answer sheet;
the articles of incorporation and bylaws of the association;
the estimated operating budget and schedule of expenses;
floor plans and plot plans;
management contracts and leases longer than one year;
where applicable, the summary of the milestone inspection report, the most recent structural integrity reserve study (SIRS), and the turnover inspection report.

The right comes back in a second situation: if the developer later amends the offering in a way that materially alters or modifies it adversely to the buyer, you get another 15 days from receiving that amendment.

Three practical points. First, count the days from when you actually received the complete set, and keep proof of the date. Second, the notice must be in writing; follow the notice clause of your contract. Third, use those 15 days: read the budget and the declaration with a Florida real estate attorney, not just the sales brochure. The milestone inspection and SIRS rules are explained in our guide to 40-year recertification in the City of Miami.

Financing at closing for buyers from outside the U.S.

Deposits during construction are paid in cash. A mortgage enters only at the end, when the building is ready to close. DAK Mortgage (updated January 15, 2026) recommends applying about 45 to 60 days before the expected temporary certificate of occupancy (TCO), and notes that at closing the appraisal generally cannot be older than 90 to 120 days and income and asset documents not older than 30 days. In other words, you cannot lock in a loan when you sign the contract; you qualify under the lending conditions that exist when the building is finished.

Foreign national loan programs

Buyers without U.S. residency or U.S. credit history usually finance through foreign national programs offered by private lenders. NQM Funding, a Florida lender, describes down payments for these loans as typically ranging from 25% to 40%, with loan-to-value of up to 75% (page consulted September 29, 2026). Documentation usually includes a valid passport, visa, proof of foreign income, a U.S. bank account and, in place of a U.S. credit score, credit references from your home country. Terms vary by lender, loan size and building, and some condominiums do not qualify with some lenders.

Plan for the gap. If your deposits reach 40% and the lender finances 60% to 70%, the numbers may close on their own. If the appraisal comes in below the contract price, you may need to bring more cash. This is general information, not a loan offer or a prediction of approval; talk to a lender early and again before the TCO.

Florida SB 264

Florida's SB 264 (2023), in effect since July 1, 2023, restricts real property purchases by "foreign principals" from countries the law designates as foreign countries of concern (China, Russia, Iran, North Korea, Cuba, Venezuela's regime and Syria). Under Florida Statute 692.203, those buyers may not acquire property on or within 10 miles of a military installation or critical infrastructure facility, with a limited exception: a natural person with a current, non-tourist U.S. visa or asylum may buy one residential property of up to 2 acres that is not within 5 miles of a military installation. China has additional restrictions in section 692.204. At closing, buyers sign an affidavit under penalty of perjury stating that they are not a prohibited foreign principal. If this law may apply to you, speak with a Florida real estate attorney before signing a contract.

For the broader picture of buying without residency, see our Spanish-language guide Comprar en Miami sin ser residente.

Pre-construction risks to plan for

Construction delays. Towers finish late more often than early. Read how the contract defines the completion date, what extensions the developer can take and what rights you have if completion slips past the outside date.
Differences from renderings and floor plans. Renderings are marketing. Developer contracts typically let the developer change finishes, layouts and dimensions within limits. The floor plans in your offering documents, and any adverse amendment that triggers a new 15-day window, matter more than the model.
Projected versus actual HOA fees. The estimated operating budget is exactly that: an estimate made years before the building opens. Insurance, staffing and the reserves Florida now requires can push the real fees higher once the association runs the building.
Market value at closing. You pay today's price for a unit delivered in the future. If values fall, the appraisal may come in lower and your financing gap may grow.
Your own liquidity. Each deposit call is a fixed obligation. Map the payment dates against your cash, including currency movements if your money is outside the U.S.

Selling before closing: assignments

If your plans change after the 15-day window, one of the few exits is to assign your contract, that is, sell your position to a new buyer who closes with the developer. Whether you can, when, and at what fee depends entirely on your contract; many developers restrict assignments or require their written consent. Our guide to real estate assignment of contract in Miami pre-construction explains the clauses to check and how the money flows.

After closing: carrying costs

Once you close, the building becomes a normal condominium and you start paying its running costs: association fees and special assessments, insurance for your unit, utilities and property tax. Property tax in the first full year is calculated on the new assessed value, not on the developer's pre-completion figures. See our guide to Florida property tax for Miami-Dade condo owners for how assessments, homestead and the "save our homes" cap work.

Checklist before you sign a pre-construction contract

Deposit schedule. Total before closing, the trigger for each payment, and what counts as default if a payment is late.
Escrow. The name of the escrow agent and whether the contract carries the 10% legend that lets the developer use deposits above 10% for construction.
Document delivery date. The date you received the complete offering, which starts your 15-day window under section 718.503. Put the deadline in your calendar.
Completion terms. Estimated completion, permitted extensions and your rights if the building is not finished by the outside date.
Changes the developer may make. The clauses on finishes, dimensions, floor plans and amenities.
Estimated budget. Projected monthly association fees for your unit and what the budget assumes about insurance and reserves.
Assignment clause. Whether you can assign, when, with what consent and at what fee.
Closing costs. Which costs the contract puts on the buyer at closing, such as developer-side charges, title and working capital contributions to the association.
Financing plan. The balance due at closing, the lender programs you may qualify for and a cash buffer in case the appraisal comes in low.
Professional review. A Florida real estate attorney to read the contract and documents within the 15 days, and a tax advisor if you buy from abroad or through a company.

Frequently asked questions

How much do I pay up front for a pre-construction condo in Miami?

It depends on the contract. DAK Mortgage (January 15, 2026) puts total deposits before closing at about 30% to 50% of the price, often starting with 20% at contract signing and continuing with payments at groundbreaking and topping off.

What happens if I change my mind after signing?

Under Florida Statute 718.503 you can cancel a developer contract by written notice within 15 days after signing and receiving all the required documents, and that right cannot be waived. After that window, your options are what the contract allows, usually an assignment, or a negotiated exit with the developer.

Is my deposit protected if the developer does not finish the project?

Florida Statute 718.202 requires deposits up to 10% of the price to be held in escrow by an agent independent of the developer until closing or termination. Money above 10% must also be held in escrow, but the developer can use it for construction if the contract allows. Read the escrow and default clauses of your contract with an attorney.

Can I finance a pre-construction unit as a foreign buyer?

Yes, usually at closing, through a foreign national loan from a private lender. NQM Funding describes typical down payments of 25% to 40% for these programs. Deposits during construction are paid in cash, and approval depends on the lender's conditions when the building is completed.

What is a milestone inspection or SIRS, and why does it matter to me?

They are structural safety requirements Florida adopted for condominium buildings. When a milestone inspection summary or a structural integrity reserve study applies, it is part of the documents the developer must deliver under section 718.503, and it can affect future reserves and fees. Our 40-year recertification guide explains both.

Can I sell my contract before closing?

Only if your contract allows an assignment, and usually with developer consent and a fee. See our assignment of contract guide.

Pre-construction projects on this site

If you are comparing towers now, these project pages list what is currently published for each building:

The full list is on our Miami new developments page.

Floralba Núñez is a Broker Associate with Finca Raiz International Realty Corp, with more than 20 years of experience in U.S. real estate, and works in English and Spanish with buyers in Miami and from abroad. If you are weighing a specific pre-construction contract, send a message on WhatsApp or through the contact page, and we will go through the deposit schedule and the documents with you.

Sources

This article is general information, not legal, tax, immigration, lending or investment advice. Statutes and lending programs change; confirm current rules with a Florida real estate attorney and a licensed lender before signing. Floralba Núñez, Broker Associate · Finca Raiz International Realty Corp. Equal Housing Opportunity.