Miami Preconstruction Deposit Calculator
A new Miami tower asks for money in stages. Here is the whole schedule, before you sign the reservation.
What This Calculator Does
A preconstruction purchase is broken into the milestone payments the developer will call for, with the dollar amount and the running total shown at each one. Rather than a single deposit figure you receive a timeline of exactly when money leaves your account between contract and closing.
Who Is This For
Designed for buyers considering a new Miami tower, international purchasers planning currency transfers around each milestone, and investors judging whether their capital works harder here or elsewhere while the building rises.
How It Works
Supply the purchase price and the percentage due at each milestone from the developer's contract. The calculator lays out each payment, the cumulative amount committed before closing, and the balance due at delivery.
Frequently Asked Questions
How are deposits usually staged?
A common Miami structure calls for 10% at contract, a further 10% at groundbreaking, another 10% at top-off, and the balance at closing. Schedules differ by developer and by building, with some adding an extra milestone or shifting the percentages, so always work from the contract in front of you rather than a rule of thumb.
Why is so much required before closing?
Developers finance construction with buyer deposits, which is why Miami towers commonly require 30% to 50% of the price before delivery — far beyond the 10% typical of a resale contract, and far beyond most preconstruction markets outside Florida.
Who holds my deposit?
It sits in escrow under the terms set out by your purchase agreement and Florida law. Some deposits remain in a segregated escrow account while others may be released to the developer for construction once conditions are satisfied. The agreement states which rule governs each installment, and it belongs among the first things you read.
Is the deposit refundable?
That depends entirely on the contract. Preconstruction agreements are drafted by the developer and generally grant the buyer limited exit rights once the statutory rescission window closes. Have a Florida real estate attorney review the agreement before your first payment rather than after the third.
Do I need mortgage approval at contract?
Not at contract, though you certainly will at delivery — and delivery may be years away. Rates, your income, and the building's lender approval status can all shift in the interim. Plan for the possibility that the loan available at closing is not the loan you assumed at signing.
What sits on top of the deposits?
Closing costs on a new tower typically run heavier than on a resale and often include developer fees plus buyer-paid documentary stamps. Florida documentary stamp tax on the deed runs $0.70 per $100 of price statewide, while Miami-Dade charges $0.60 per $100 plus a $0.45 surtax on properties that are not single-family. Ask for a written closing cost estimate before you sign.