Buying a pre-construction condo in Miami (2026): deposits, escrow and your rights
4 min read.
In Miami, a pre-construction condo is paid with staged deposits before closing, usually 20% to 50% of the price, and the rest at closing, almost always with a mortgage. Florida law requires the first 10% to be held in escrow, and anything above that can only go into construction if the contract allows it. You have 15 days to cancel after signing and receiving the documents. And since 2022, buildings three or more stories tall face mandatory inspections and reserves, which weigh on the HOA fee.
How it's paid
There's no plan fixed by law: each developer sets its own. Industry guides from 2026 agree that 20% to 50% of the price is deposited before closing, in three to five payments tied to construction milestones. A common schedule looks like this:
| Milestone | Deposit |
|---|---|
| At contract | 10% or 20% |
| At groundbreaking | 10% |
| At top-off | 10% |
| At closing, once completed | The balance, with a mortgage or in cash |
When there's plenty of supply in the area, there's room to negotiate the deposit schedule and closing credits.
Where your deposit goes
Florida Statute 718.202 protects what you pay while the building goes up:
- The first 10% of the price must go into an escrow account. The escrow agent gives you a receipt if you ask.
- Anything above 10% goes into a separate special escrow account, and the developer can only withdraw it for construction if the purchase contract allows it.
- If the developer doesn't comply with these rules, you can void the contract and get your money back with interest.
Check in your contract whether the developer can use deposits above 10%, and what security backs them.
Your 15 days to cancel
Statute 718.503 gives you 15 days to cancel the purchase of a new condo from the developer, counted from when you sign and receive all the documents the law requires. If they later send you a change that materially hurts you, the 15 days start over. That right can't be waived in the contract, and it ends at closing.
The condo safety laws
After a building collapsed in Surfside in 2021, Florida passed new condo laws, and HB 913 adjusted them in 2025:
- Milestone inspections: buildings three or more stories tall get a structural inspection at 30 years, or earlier if the county requires it for being near the coast.
- Structural integrity reserve study (SIRS): associations must complete it and can no longer waive reserves for those components.
In a new building the inspection is far off, but the reserves already count in the fee. Ask for the condo budget and how much goes to reserves.
If you're not a US citizen
You can buy in Florida without being a resident. But SB 264, in force since July 2023 and challenged in court, limits buyers domiciled in Cuba, Venezuela, China, Russia, Iran, North Korea or Syria who aren't US citizens or permanent residents: they can't buy near military installations or critical infrastructure, and for China the restriction is nearly total. Buyers sign an affidavit about this at purchase.
Closing costs
In Florida, the deed and the mortgage carry their own state taxes, and Miami-Dade has a different rate from the rest of the state. We cover them in Florida closing costs.
How Digger helps
Digger AI Agent finds new construction in Miami or any town you name, checks who's building, what they've delivered and whether there are delays, and runs the numbers with the banks' rule: housing shouldn't exceed 28% of your income. If you want, it represents you in a Move: a licensed Florida broker, our Broker of Record, handles the purchase, and 100% of the Instadigs commission comes back to you as a credit at closing, with your lender's approval if you have a mortgage (how it works and what the law says).
Frequently asked questions
How much do you need to deposit for a pre-construction condo in Miami?
The law doesn't set it: each developer does. In 2026 it's common to deposit 20% to 50% of the price before closing, in three to five payments, with the balance at closing.
Is my deposit protected in Florida?
Yes. Statute 718.202 requires the first 10% to be held in escrow, and anything above that can only go into construction if the contract allows it. If the developer doesn't comply, you can void the contract and get your money back with interest.
Can I cancel a new condo purchase in Florida?
Yes, within 15 days of signing and receiving the required documents (Statute 718.503). That right can't be waived and it ends at closing.
What changed for Florida condos after Surfside?
Buildings three or more stories tall now have milestone structural inspections and mandatory reserve studies, and associations can no longer waive those reserves, which raises fees.
Can a foreigner buy in Miami?
Yes. The only limits, under SB 264, apply to buyers domiciled in certain countries, such as Cuba, Venezuela or China, who aren't US citizens or permanent residents.
Sources
- Florida Senate, Statute 718.202, escrow of deposits
- Florida Senate, Statute 718.503, disclosure and the right to cancel
- Florida Senate, HB 913 (2025) bill analysis
- Withum, key changes from HB 913 on inspections and reserves
- Haute Living, pre-construction deposits in South Florida (2026)
- Locke Lord, SB 264 restrictions on land in Florida (August 2023)
- AILA, Florida enacts law imposing significant restrictions
- CFPB, Real Estate Settlement Procedures Act FAQs
- Florida Real Estate Commission, rule 61J2-10.028
This guide explains how buying works in general. Rates and requirements are set by law, by each bank and by each developer, and they can change: the date above is when it was last reviewed.