Buying a new construction condo in Miami is exciting — but it’s also very different from buying a resale home. One of the biggest differences? The deposit structure.
In this post, we’ll break down exactly how pre-construction deposits work, what to expect, and why understanding the payment timeline matters.
What Is a Pre-Construction Deposit?
In Miami, when you buy a pre-construction condo, you don’t get a mortgage right away — because the building isn’t finished yet. Instead, you reserve your unit by making staged deposit payments to the developer while the project is being built.
These deposits demonstrate your commitment to the project and help fund construction without traditional financing.
Typical Deposit Structure in Miami
Most developers use a staggered deposit schedule that looks something like this:
| Stage | % Due | When It’s Due |
|---|---|---|
| Reservation | $10,000–$25,000 | At signing (refundable) |
| Contract Signing | 10% | Within 30–60 days of reservation |
| 2nd Deposit | 10% | When construction starts (groundbreaking) |
| 3rd Deposit | 10% | At top-off (when the building structure is complete) |
| Final Deposit | 10% | Before closing (or spread over final months) |
| Total | 30%–50% | Over 12–24 months |
Some luxury projects may require up to 50% deposits, while others offer promotions as low as 20% down — especially if sales are slower or you’re buying early.
Why Developers Use This Structure
Developers don’t get financing from banks the same way homeowners do. Your deposits:
- Help fund the construction
- Show buyer commitment
- Reduce risk for the developer
In exchange, buyers typically lock in pricing early, before units appreciate closer to completion.
Key Things to Know
- Deposits are usually non-refundable after contract signing (unless otherwise negotiated)
- You won’t be making mortgage payments until closing
- If you’re financing the final purchase, the rest is due when the building gets its certificate of occupancy
Bonus Tip: Ask About Deposit Protections
In Florida, most developers are required to hold your deposits in an escrow account, especially if the building isn’t yet under construction. This protects your money if the project gets delayed or canceled.
Understanding how deposits work is essential before committing to a pre-construction condo in Miami. These aren’t small sums — so knowing when and how much you’ll need to pay can help you plan ahead and avoid surprises.
If you’re considering a new development in Brickell, Edgewater, or beyond, our team can help you compare deposit structures, negotiate timelines, and find a project that fits your financial comfort zone.
👉 Schedule a call today and let’s walk you through your options.