Miami Pre-Construction Condo Deposits: How They Work

Buying a pre-construction condo in Miami means paying part of the price years before you get the keys. A deposit schedule spreads those payments over contract signing and construction milestones, with the balance due at closing. Florida law decides where that money sits. Under section 718.202 of the Florida Statutes, payments up to 10% of the price must be held in escrow, and payments above 10% can be used for construction costs only if the contract allows it and construction has begun.

This guide is general information, not legal, tax or lending advice. Have a Florida real estate attorney read the contract before you sign.

Step 1: the reservation

Many projects start with a reservation agreement before a contract exists. Under section 718.202, a reservation deposit must be held in escrow, and either the buyer or the developer can ask for it back at any time before a purchase contract is signed, with an immediate, unconditional refund. It becomes a down payment only once you sign the contract.

Step 2: the contract, and 15 days to change your mind

When you sign a purchase contract with a developer, section 718.503 gives you 15 days to cancel by written notice, counted from the later of signing and receiving all the condominium documents the developer must deliver. The contract must say so in conspicuous type, and the right cannot be waived. Use those 15 days to read the declaration, the budget and the deposit and default clauses.

Step 3: milestone payments

After the first deposit, further payments are usually tied to construction milestones such as groundbreaking or topping off. Every developer sets its own schedule, so add up how much of the price you will have paid before closing and when. Check the default clause too: under section 718.202, when a buyer defaults, the escrowed deposit goes to the developer.

Where your deposit sits

Section 718.202 sets two tiers:

• Up to 10% of the price must be paid into escrow with an independent escrow agent, such as a Florida bank, attorney or title insurer. It is released at closing, or to the buyer or the developer if the contract ends before then.
• Above 10% goes into a separate special escrow account. The developer can withdraw it only if the contract allows it in a bold legend on its first page and construction has begun, and only for actual construction costs, not sales commissions, advertising or loan interest.

If a developer fails to follow these rules, the statute makes the contract voidable by the buyer, with a refund and interest.

Closing: the balance and the loan

The rest of the price is due at closing, after the building receives its certificate of occupancy. If you plan to finance that balance, start early: lenders review the building, and a newly delivered tower must pass their condo review before they will lend. Own.Miami's records show it can be done. At Aria Reserve, delivered in 2025, regulated lenders recorded 33 loans in the last 12 months, financing 33% of its recorded sales, with down payments as low as 10%.

What new construction costs today

Pre-construction pricing carries a large premium over resale. In Own.Miami's data as of October 13, 2026, units in towers still under construction are listed at a median:

• $1,307 per square foot in Brickell, against $709 for resale listings (140 pre-delivery listings).
• $1,283 per square foot in Edgewater, against $652 for resale (70 listings).
• $1,202 per square foot in Downtown, against $789 for resale (60 listings).

Part of that gap is newness, amenities and finishes. Part of it is risk you carry for years. Compare a pre-construction price with recent closings in finished towers nearby before committing a deposit.