Buying a pre-construction condo in Miami means signing a purchase contract with the developer, paying deposits in stages while the building is built, and paying the balance at closing, which comes after the city issues the building's certificate of occupancy. Florida law requires the developer to hold the first 10 percent of the price in escrow, and it gives buyers a 15-day window to cancel after they sign and receive the required documents. Total deposit schedules reported in the press have ranged from about 30 percent to 50 percent of the price, and each developer sets its own. As of late October 2026, Gabriella Gonda can share the current deposit schedule and price list for each tower below. This article is general information, not legal advice. Confirm the details with a Florida real estate attorney before you sign.
How deposits typically work in Miami
There is no single Miami schedule. What the published sources describe:
- Early 2010s to 2015: The Real Deal reported in 2014 that "nearly every condo developer since 2011 has adopted the 50 percent deposit structure," and in April 2015 called 50 percent "the current norm." Some developers offered installment plans, such as a 30-10-10 or 10-10-10-10-10 split adding up to 50 percent.
- November 2014 and April 2015: The Real Deal reported in November 2014 that most Miami-Dade developers were still requiring 50 percent, while one Edgewater project had cut its deposit to 30 percent. In April 2015 it reported that Swire Properties had lowered the deposit to 35 percent for a condo at Rise in Brickell City Centre.
- Current schedules: The sources above are dated, and deposit levels have changed with market conditions. Ask the developer for the current schedule in writing, including each amount, its due date or trigger (such as a construction milestone), and which payments are held in escrow.
These are press descriptions, not a rule. The contract for a specific tower controls the amounts and dates.
"Working capital deposit"
The phrase appears in searches, but the Florida condominium statutes cited in this article do not use it. Two different items are easy to confuse:
- Deposits above 10 percent. The statute lets a developer spend these on construction if the contract says so (see below).
- Capital contributions or startup funds collected at closing. Section 718.116(9)(b) refers to "capital contributions or startup funds collected from unit purchasers at closing." The amount and purpose are set by the contract and the offering documents.
Ask the developer which category any charge falls under and where it appears in the contract.
Florida's escrow protections for deposits (Fla. Stat. 718.202)
Section 718.202 applies when a developer contracts to sell a condominium parcel before the building is substantially complete.
- First 10 percent. The developer "shall pay into an escrow account all payments up to 10 percent of the sale price." The escrow agent must give the buyer a receipt on request. For residential condominiums, the statute gives the state condominium division's director discretion to accept other assurances, such as a surety bond or irrevocable letter of credit.
- Release. Funds go to the buyer if the buyer properly terminates under the contract or Chapter 718. They go to the developer if the buyer defaults. Otherwise they may be released to the developer at closing, unless the escrow agent has received written notice of a dispute.
- Above 10 percent. Payments beyond 10 percent go into a special escrow account and cannot be used before closing, with two exceptions: a refund to the buyer, or construction use if the contract provides for it and construction has begun.
- What developers may spend it on. The statute lists "actual costs" of construction and development, including demolition, site clearing, permit fees, impact fees, utility reservation fees, and architectural, engineering and surveying fees. It bars use for salespeople's salaries and commissions, advertising and marketing, loan fees and interest, attorney and accounting fees, and insurance.
- Required warning. A contract that allows this use must carry, in bold on the first page and above the signature line: "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."
- Remedy. If the developer does not comply, the contract is voidable by the buyer, and deposits are refunded with interest.
The 15-day cancellation right (Fla. Stat. 718.503)
Section 718.503(1)(a) requires a contract for a residential unit sold by a developer to carry a conspicuous legend. In summary:
- The buyer may cancel by delivering written notice within 15 days after signing the agreement and receiving all the items the developer must deliver under section 718.503.
- The buyer has a separate 15-day right after receiving any amendment that "materially alters or modifies the offering in a manner that is adverse to the buyer." The legend says any attempted waiver of these rights has no effect.
- The buyer may extend the closing date by up to 15 days after receiving all required items. The right to void ends at closing.
- Until the developer has furnished the required documents, the contract may be voided and the deposit refunded with interest (section 718.503(1)(b)).
The same legend says budget figures in the offering documents "are estimates only" and that cost increases do not count as material adverse changes. The contract must also carry a caveat that oral representations cannot be relied on.
Timeline: from reservation to closing
The stages below follow the statute and the law-firm description cited in Sources. Durations depend on the project.
- Reservation. If a developer uses a reservation agreement, section 718.202(6) requires the reservation deposit to be held in escrow and refunded in full on the prospective purchaser's written request. It cannot be released to the developer except as a down payment when a purchase contract is signed or afterward. Confirm the terms in writing.
- Contract and documents. The buyer signs and receives the offering documents, including the budget. The 15-day period runs from signing and receipt of all required items.
- Staged deposits. Installments follow the contract schedule. The first 10 percent is escrowed.
- Construction. Developers publish estimated delivery dates, and these can move.
- Certificate of occupancy and closing notice. Barnes Walker, a Florida law firm, states in an article about new-home closings that no closing can occur until the local building department issues a certificate of occupancy. The statute defines "completion of construction" as issuance of a certificate of occupancy for the entire building or the equivalent authorization.
- Final walkthrough. Ask the developer when the walkthrough takes place, how unfinished or non-conforming items are listed, and when they will be corrected.
- Closing. The buyer pays the balance, and the developer receives any escrowed funds not already released.
Estimated delivery dates for towers on this site, as of late October 2026 and subject to change:
- Under construction, nearest dates: La Baia North, January 2027 (first quarter); Cipriani Residences Miami, summer 2027 occupancy; The Perigon Miami Beach, summer 2027; Villa Miami, late 2027; The St. Regis Residences, Miami, end of 2027.
- Under construction, 2028: Baccarat Residences Miami, early 2028 (press reports); Waldorf Astoria Residences Miami, 2028; Okan Tower Miami, 2028; Four Seasons Private Residences Coconut Grove, 2028; Bentley Residences Miami, 2028.
- Under construction, later: The Residences at Mandarin Oriental, Miami, 2030.
- Pre-construction: The Ritz-Carlton Residences, South Beach, Q2 2028; Faena Residences Miami, 2029 (developer estimate); 619 Brickell Residences by Nobu, closings beginning in 2031; EDITION Residences, Miami Edgewater, delivery not yet announced.
For the full list by area, see Miami new-construction condos. To see a model unit or sales gallery, read visiting Miami sales galleries.
What happens at closing
- Balance of the price. The remainder after deposits is due at closing.
- Financing. A buyer using a mortgage should ask a lender early what documents will be needed near delivery, because the contract is signed years before closing. Foreign buyers should also read buying a Miami condo as a foreign buyer.
- Closing costs and fees. The contract and the closing statement allocate these. They may include a capital contribution or startup fee for the association, as noted above.
- Walkthrough and corrections. Barnes Walker notes that a walkthrough lists unfinished or non-conforming items for the builder to complete before closing, and that a holdback can be negotiated if they cannot be finished in time. That article addresses home builders generally, so ask how a specific developer handles this.
Assignment and resale before closing
Whether you can sell the contract before closing depends on the contract. Ask the developer whether assignment is allowed at all, on what conditions, how many times, and what fee or commission applies. Also ask how the deposits you have paid would be handled in a sale. Ask for the assignment clause before you sign, and have an attorney review it.
Risks to weigh
- Delay. Delivery dates are estimates. Whether a delay lets you cancel and recover deposits depends on the contract's outside-date terms.
- Deposit at risk. Escrowed funds go to the developer if the buyer defaults (section 718.202(1)(b)), and payments above 10 percent can be spent on construction once construction has begun, if the contract so provides.
- Budget estimates. Association budget figures in the offering documents are estimates, and actual costs may exceed them.
- Value and resale. The price is fixed at signing, market conditions at delivery can differ, and assignment may be restricted.
Frequently asked questions
How much is the deposit on a pre-construction condo in Miami?
It varies by developer. Reports describe total deposits from 30 percent to 50 percent of the price, paid in stages, with the first 10 percent held in escrow under Florida law. Ask Gabriella Gonda for the current schedule for a specific tower.
Is my deposit protected?
Florida law requires payments up to 10 percent to be held in escrow, and payments above 10 percent in a special escrow account. The portion above 10 percent may be spent on construction costs once construction has begun, if the contract says so.
Can I back out of a pre-construction contract?
Florida law gives the buyer 15 days to cancel in writing after signing and receiving all required documents, plus 15 days after a materially adverse amendment. After that, cancellation depends on the contract, and a buyer who defaults may lose escrowed funds.
Can I sell before closing?
Only if the contract allows assignment. Ask the developer for the assignment clause and any fees before you sign.
How long until I close?
Closing follows the certificate of occupancy. Estimated dates for towers on this site range from early 2027 to 2031, as listed above.
Talk to Gabriella Gonda
Gabriella Gonda can share current price lists, deposit schedules and delivery estimates for each tower, and arrange private sales-gallery tours. Get in touch.
Sources
- Fla. Stat. 718.202, Sales or reservation deposits prior to closing, Florida Legislature, accessed Oct 21, 2026
- Fla. Stat. 718.503, Developer disclosure prior to sale; voidability, Florida Legislature, accessed Oct 21, 2026
- Fla. Stat. 718.116, Assessments; liability; lien and priority; interest; collection, Florida Legislature, accessed Oct 21, 2026
- Condo builders reduce preconstruction deposits, The Real Deal, Feb 2014
- Swire Properties and PMG relax deposit requirements for new condos, The Real Deal, Apr 13, 2015
- Some developers reduce preconstruction deposits as competition intensifies, The Real Deal, Nov 14, 2014
- New Construction Closing Differences for REALTORS in Florida, Barnes Walker, accessed Oct 21, 2026
- Tower dates: the site's own project pages, as of late October 2026
