Buying Pre-Construction in Miami: What to Review Before You Sign
Six points to check before signing a pre-construction contract in Miami: payment schedule, delivery date, ownership costs, resale rules, legal documents and financing.
Buying pre-construction means committing to a home that does not exist yet. That can work well, but only if you understand what you are signing. These are the points I go through with every buyer before the first deposit.
1. The payment schedule
Most developers ask for a deposit at signing and further installments during construction, with the balance due at closing. Ask for the full schedule in writing: amounts, dates, and what happens if one is late. Plan your cash flow for the whole period, not just the first payment.
2. The delivery date is an estimate
Completion dates in a purchase contract are estimates and can move. Read what the contract says about delays, how long the developer can extend, and in which cases you could cancel.
3. What the home will cost to own
Ask for the estimated monthly association fees, what they include, and whether there are reserves or special assessments. Property taxes are reassessed after you buy, so do not treat the developer's estimate as your final number.
4. Resale and assignment rules
Some contracts limit or forbid selling your contract before closing. If you may want that flexibility, check it before you sign, not after.
5. The legal documents
In Florida, developers must give buyers of new condominium units a set of documents, and buyers generally have a short period after receiving them to cancel, commonly 15 days. Confirm the exact terms for your contract. I am not an attorney, so have a real estate attorney review everything before you commit.
6. Financing, early
Approval when you sign is not approval at closing, which can be a year or more later. Talk to a lender early about how your financing will work at closing. I am not a lender; I can connect you with partners, and the terms are always set by the lender in writing.
How I help
I am a licensed agent and an investor, and I work with three pre-construction projects in Miami. On a 45-minute call at no cost, we can go through these points for the project you are considering.
LINORE LINDO
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