How pre-construction works
You sign a contract with the developer before the building is finished and pay deposits in stages, often in total 20–50% of the price before completion, with the balance at closing. Delivery usually takes two to four years, and the final price is fixed by the contract.
Your rights and the documents
Florida law gives buyers of condos from a developer a period to cancel after receiving the required documents and regulates how deposits are held in escrow. Have a Florida real estate attorney review the contract, the prospectus and the escrow terms before you sign.
Risks to understand
Delays, changes to the project, financing risk for the developer and market changes between signing and closing. Check the developer's track record, the construction financing and whether earlier projects were delivered on time.
Assignments and resale
Some contracts allow you to assign the contract before closing, others prohibit or limit it. Never assume you can resell before delivery, and check the clause.
Mortgage at completion
Banks usually lend only at completion, and the appraisal can differ from the contract price. Foreign buyers should plan for the full balance or confirm financing eligibility early.
Choosing a project
Compare the location, the unit size per dollar, the amenities, the HOA fees projected by the developer and the delivery date. Lidiya can arrange access to sales galleries and compare projects for you.
This guide is general information, not legal or tax advice. Laws and programs change — confirm details with a Florida attorney and a US tax professional.
