The short answer.
When buying a Miami condo before it is completed, you may pay part of the purchase price through deposits before closing. The purchase agreement sets the amounts, deadlines and payment triggers. The unpaid purchase-price balance is settled at closing, together with applicable closing charges and adjustments.
There is no single deposit schedule for every Miami development. A percentage in a brochure is a starting point for questions, not a substitute for the agreement for the residence you are considering.
Reservation and purchase contract: two different stages.
A reservation may let you express interest in a residence before entering a purchase contract. Read the reservation form to understand what it reserves, whether the price or unit is fixed, how money is held, and the conditions for cancellation or return. Do not assume that every payment described as a reservation has identical terms.
A purchase agreement creates a different set of commitments. Ask how any reservation payment is credited toward the initial contract deposit, and confirm the amount still due. Have independent Florida counsel explain the documents, disclosures, applicable cancellation rights and deadlines before signing.
How staged deposits are described.
A schedule may combine payments due on a date or after a specified number of days with payments tied to construction milestones. Labels such as groundbreaking or top-off need the definitions in the contract. Ask what evidence establishes that the milestone occurred, who sends notice and how much time you have to pay after notice.
Read each installment as either an additional payment or a cumulative total. “An additional 10%” and “bring the total deposit to 30%” can describe the same next payment after a 20% initial deposit. They do not mean you owe another 30%.
An illustrative $1 million purchase.
The following is a made-up example to explain the arithmetic. It is not an actual developer offer, a standard Miami requirement or the schedule for any project on this website. No reservation payment is assumed in this example.
| Payment stage | Additional share of price | Payment | Cumulative paid |
|---|---|---|---|
| At contract | 20% | $200,000 | 20% |
| At the contract’s next milestone | 10% | $100,000 | 30% |
| At a later construction milestone | 10% | $100,000 | 40% |
| At closing | 60% | $600,000 | 100% |
In this example, $400,000 has been paid before closing. The remaining purchase-price balance is $600,000. Those earlier deposits are credited toward the price; they are not an extra $400,000 on top of it. Closing costs, adjustments and other contract charges are separate and are not included in this table.
If a reservation payment were credited toward the first installment, subtract that credit only once. Request a written payment ledger showing what has been received, the credit applied and what remains due.
Deposit schedule versus mortgage down payment.
A developer’s deposit schedule tells you when money is due under the purchase contract. A lender’s down-payment requirement is part of its financing decision. They are related to the same purchase, but they are not interchangeable.
Do not assume mortgage proceeds will be available to fund a deposit due during construction. Ask a lender when it could fund, how it treats deposits already paid and whether the specific building qualifies. Preliminary buyer qualification does not guarantee approval of the project or funding at delivery.
For example, if a lender ultimately approved a $600,000 loan for the hypothetical purchase above, it could fund the remaining price at closing, subject to its conditions. That is only arithmetic—not a loan offer. A different approved amount would change the buyer’s cash requirement. Keep funds for closing costs and any required reserves separate.
Where are deposits held?
Ask for the escrow agent’s identity, the escrow agreement and written receipts. Florida Statutes Section 718.202 addresses deposits for condominium sales before substantial completion. Its rules distinguish payments up to 10% of the price from amounts above that level and include conditions under which funds may be released or used.
Do not interpret “escrow” as a promise that all deposits stay untouched until closing or are automatically refundable. Have your attorney explain the provisions and any applicable alternative assurances for this transaction. Read Florida Statutes §718.202 ↗
What if construction timing changes?
A projected delivery date and a contractual payment deadline are different things. A delay does not necessarily postpone an installment or create a right to cancel. Ask counsel to explain completion provisions, extensions, notice procedures, default remedies and your rights if the developer or buyer does not perform.
If an installment may be difficult to meet, contact the appropriate parties early. Do not rely on an informal conversation to change a written obligation; request any agreed change in writing through the proper process.
Before sending a deposit, ask these questions.
- What is the exact purchase price used to calculate each percentage?
- Is each percentage additional or cumulative, and is a reservation credit included?
- Which payments use calendar dates, elapsed days or construction milestones?
- Who issues payment notices, and how will I know they are authentic?
- Who holds the funds, what receipts will I receive and when may funds be released?
- Which cancellation, refund, default and financing provisions apply?
- How much cash must remain available for later installments and closing?
- What happens if delivery is delayed or financing is unavailable?
For buyers transferring funds from abroad.
Plan for currency conversion, bank processing and the deadline by which funds must be received. Confirm permitted payment methods and the lender’s documentation requirements directly. Do not assume that initiating a transfer on the due date meets the contract’s deadline.
Verify wire instructions by calling the escrow or closing professional at a trusted number obtained independently. Treat unexpected changes to payment details as something to verify before sending funds. Keep receipts and share sensitive records only through the professional’s verified secure channel.
What Diego can help you organize.
Diego can request the current developer payment schedule, identify which documents are available and help you compare the timing across shortlisted projects. He can also arrange lender introductions while you obtain independent legal advice on the agreement. Before choosing a residence, map the payments onto your own calendar and confirm the full cash commitment.
Sources and scope.
Reviewed against Florida’s condominium deposit statute and the Florida DBPR condominium FAQs on November 3, 2026. The example schedule is original educational material, not project inventory or verified sales terms.
This guide is general real estate education, not legal, tax or lending advice. Your signed documents, applicable law and transaction-specific professional advice govern your purchase. Confirm current project terms directly before making a commitment.