Beyond new builds, this site offers help with commercial and investment property, including replacement property searches, in case a pre-construction purchase is an option to compare against others.
PRE-CONSTRUCTION
Treat it as a single decision, not four: the contract, the developer's record, what the tower will cost to run, and how you get out. A rendering sells a lifestyle, but only the purchase agreement, projected fees and delivery terms show what you're really committing to.
Start with what the developer has actually finished, then look at who designed and who is building this tower and how far along construction is today. Ask how the units will be owned and how the association will be set up. Then compare your line and view with other stacks in the building and with similar finished units now listed for sale.
Before you sign, write down each deposit milestone, each financing step, the closing requirements and the cash you need to hold in reserve. Then ask how long your money stays tied up, which contract terms could still change and which projected costs are just estimates. Finally, work out what a late delivery would do to your plans.
Decide up front whether this is for your own use, a long hold, rental income or a resale at delivery. Then check the contract's limits on assignment and leasing, how much competing supply is due at handover, and what the tower's rules say about short-term rentals. A sound purchase gives you a reason to hold even if appreciation lands below the sales gallery's projection.
Buying before the building is finished
Buying pre-construction means committing to paperwork, not to a finished home: a contract and the documents that come with it. You choose a layout and a unit line, sign, and then pay deposits in installments as the tower rises. Florida's Condominium Act controls those deposits and the documents you're owed, and its buyer protections go further than many people assume.
The figures below come straight from the statute. The contract adds terms of its own, such as deposit dates, completion deadlines and what happens if construction runs late. Have a Florida real estate attorney review it before your right to cancel runs out.
Step by step
Some developers accept reservations before any contract exists. The reservation deposit is placed with an escrow agent and comes back in full, right away, if you ask in writing. The developer gets that money only as a down payment once a contract is signed.
Along with the contract you receive the prospectus or offering circular, the condo declaration, the estimated operating budget with dues by unit type, and the sheet of Frequently Asked Questions and Answers. A prospectus is required once a project has more than 20 residential units.
You're allowed to cancel in writing within 15 days after you've signed and received every required document. Any amendment that changes the offer against you opens a second 15-day window. During those 15 days the developer can't close without your written consent.
Payments follow the contract's timetable, usually at signing and then at construction milestones. The first 10% remains in escrow or is backed by a surety bond or letter of credit accepted by the state. Anything beyond that first 10% can fund construction only if the contract allows it.
For escrow purposes, the building is complete once a certificate of occupancy is issued. Before closing, walk the unit, list anything unfinished, confirm your financing and review the closing statement. The rest of the price is due at closing.
Reading the paperwork
The developer has to give you the budget and a schedule of payments by unit type. The contract warns that these figures are only estimates and that actual costs may be higher.
F.S. §718.503(1)(a)
A developer may hold assessments at a fixed amount for a set period and pay any shortfall itself. Note when that guarantee ends, because that's when the real budget takes over.
F.S. §718.116(9)
The FAQ sheet must state any rental restriction in plain language. Check the leasing limits before counting on rental income. Assigning the contract before closing depends on its terms.
F.S. §718.504
Where owners owe rent or land-use fees on recreational or shared facilities, the prospectus has to flag them in conspicuous type. They're a cost the price doesn't show.
F.S. §718.504
The contract has to state that homeowners' insurance doesn't cover flood damage, whether the developer is aware of flooding on the property, and whether it has ever filed a flood claim.
F.S. §718.503(1)(a)
Brochures and contracts must warn you not to rely on oral statements. Anything that matters to you, such as a view, a finish or a date of delivery, belongs in the contract or its exhibits. Complete plans and specifications are open for you to inspect.
F.S. §718.503(1)(a), (3)
Buying a condo: two routes
These cancellation rights are set by F.S. §718.503(1) and (2), though a contract can give you a longer window than the statute does, and any waiver of these rights is void.
Questions
The contract must identify the escrow agent and give its address; on request, the agent must give you a receipt. The agent must be independent of the developer, for example a bank, a savings and loan association, a Florida Bar attorney, a title insurance company or a licensed real estate broker.
If the contract ends properly under its own terms or the Condominium Act, the escrowed money comes back to you with the interest it earned. Find out early whether any deposit above 10% has already gone to construction, because money that's been released is no longer in escrow.
Most foreign nationals are able to purchase a Florida condo. State law does limit some buyers domiciled in certain listed countries; a Florida attorney should confirm your eligibility before you sign.
No. The budget is a good-faith estimate by the developer, and the contract warns that actual costs may run higher. Increases the developer doesn't control don't, on their own, entitle you to cancel the contract.
If an amendment materially works against you, you have 15 days after receiving it to cancel in writing. Save every amendment and the date it arrived.
Run the numbers
