Miami New Construction Deposit Schedules

A Miami new construction deposit schedule is more than a series of payment dates; it is a capital commitment that must be coordinated with the purchase contract, the buyer’s liquidity, the project’s construction milestones and the expected closing window. Two residences offered at similar prices may require materially different funding timelines, and the published schedule is only the beginning of the analysis.

Luxury buyers should understand when a reservation becomes a binding contract, which deposits are due before closing, what documentation controls each obligation and how the purchase fits within their broader financial plan. This is particularly important for international buyers, business owners and families whose capital may be held across multiple accounts, entities or currencies.

The objective: enter the transaction with a clear view of every commitment from reservation through closing, rather than focusing only on securing the residence.

How a Miami New Construction Deposit Schedule Works

Each development establishes its own commercial terms, subject to the purchase contract and applicable law. A schedule may begin with a reservation deposit, continue with one or more contractual deposits and conclude with the remaining balance at closing. The amounts, timing and triggering events vary by project, construction phase and sales release.

A buyer should request a written schedule that identifies:

• the amount due at reservation;
• the amount due when the purchase contract is executed;
• any additional deposits tied to a stated date or construction milestone;
• the balance expected at closing;
• the permitted payment method and recipient;
• the consequences of a late or missed payment; and
• any provisions governing the use, return or forfeiture of deposited funds.

Marketing summaries are useful for initial planning, but the executed contract and its exhibits control the transaction. Before signing, the buyer’s independent Florida attorney should review the contract, disclosure package, deposit provisions, default language, estimated completion terms and any rights that may apply during the statutory review period.

For a broader view of the transaction, review the Miami new construction buyer process and the current Miami luxury new construction advisory page.

Reservation and Contract Deposits Are Different Commitments

A reservation can establish a buyer’s position while the development advances toward a purchase contract, but it should not be treated as interchangeable with the contract itself. The reservation agreement should explain how the residence is held, how the deposit is handled and what occurs if either party elects not to proceed.

Florida Statute 718.202 regulates reservation and sales deposits for condominium purchases before closing. Among other provisions, the statute requires reservation deposits to be placed in escrow and provides for their return upon written request before they become subject to an executed purchase agreement. Once the buyer executes a purchase agreement, the contract, statutory framework and disclosure documents govern the continuing deposit obligations. Buyers should confirm the current law and the application of the specific documents with independent Florida counsel. Review Florida Statute 718.202.

This distinction matters because the decision changes from preserving an opportunity to assuming enforceable contractual obligations. A buyer should not allow sales momentum to compress the time required for legal review, liquidity planning and ownership-structure coordination.

Escrow Protection Requires Contract-Level Review

Florida law addresses how condominium deposits are held and, in defined circumstances, how certain funds may be used. Under the current version of Florida Statute 718.202, payments up to 10 percent of the purchase price are generally placed in escrow when the condominium has not been substantially completed. The statute also provides that amounts above 10 percent may be withdrawn for specified construction and development costs when the contract permits that use and contains the required disclosure.

The practical question is therefore not whether a deposit is generically described as “escrowed.” The buyer and counsel should determine which funds are covered by which provision, who serves as escrow agent, whether the contract permits construction use, what disclosures appear in the contract and what happens if the buyer or developer does not perform.

The Florida Department of Business and Professional Regulation also advises condominium purchasers to examine the developer’s history, the declaration, proposed amenities, operating budget, use restrictions and the complete disclosure package before the applicable review period expires. Read DBPR’s condominium purchasing guide.

Build the Liquidity Plan Before Selecting the Residence

A well-structured purchase begins with a funding calendar, not with an assumption that capital can be moved whenever a deposit notice arrives. The buyer should map every anticipated payment against the location and availability of funds, while maintaining separate reserves for closing costs, furnishings, carrying expenses and other personal or business commitments.

The liquidity review should address:

1. Source of funds. Identify the accounts, entities or approved financing sources expected to fund each stage.
2. Transfer timing. Allow for bank processing, compliance reviews, holidays, international wire procedures and beneficiary verification.
3. Currency exposure. International buyers should consider exchange-rate movement and transfer timing with their financial and tax advisers.
4. Closing balance. Preserve sufficient capital for the balance due at closing, together with title, legal, lender, insurance and other transaction costs.
5. Contingency capacity. Maintain flexibility if the estimated delivery window changes or another material obligation arises.

Financing, when available, generally does not eliminate deposits due during construction, and a future loan approval should not be treated as a substitute for liquid funds required under the contract. Lending standards, valuations, rates and borrower qualifications may also change before the project is ready to close.

Contract Milestones and Construction Milestones Must Be Separated

A deposit may be due on a calendar date, upon execution of a document or after notice of a stated construction event. Buyers should distinguish contractual payment triggers from informal construction updates, sales presentations and projected timelines.

For each payment, request confirmation of:

• the precise contractual trigger;
• the notice procedure and payment deadline;
• the account and escrow instructions;
• the documentation confirming receipt; and
• the remedy or consequence associated with nonpayment.

Construction schedules are estimates and may change for reasons outside a buyer’s control. A disciplined plan therefore considers both the earliest plausible funding date and the possibility that closing occurs later than initially anticipated. The purchase contract should be the reference point for delivery obligations, permissible extensions, notice provisions and outside dates.

A Private Advisory Process for Miami New Development

The strongest new-construction decision is not made from a rendering or a deposit percentage alone. It considers the residence position, floor plan, exposure, view corridor, developer and design team, building program, ownership costs, contract terms, anticipated delivery and long-term suitability for the buyer.

Esther Santamaria provides direct guidance for luxury buyers evaluating Miami developments. The process begins by defining the client’s objectives and financial framework, then narrowing the market to residences that merit detailed legal, financial and property-level review. For buyers considering a specific Brickell residence, the Residences at 1428 Brickell page provides a project-specific introduction without replacing the developer’s documents or independent professional advice.

To review current opportunities and organize the funding timeline before selecting a residence, request a private consultation with Esther.

Important information: This material is provided for general real estate information and does not constitute legal, tax, accounting, investment, financing or currency advice. Deposit schedules, contract provisions, construction milestones, prices, availability, specifications and estimated delivery dates vary by development and may change without notice. Buyers should rely on the executed purchase contract, official developer disclosures and advice from their independently selected Florida attorney, tax adviser, financial adviser and lender. Esther Santamaria and Cervera Real Estate do not guarantee project completion, delivery dates, financing, appreciation, rental performance or investment returns. All property information is subject to errors, omissions, prior sale, withdrawal and change without notice.