Miami Preconstruction Deposit Calculator
A new tower asks for money in stages. Map the whole schedule before the reservation is signed.
What This Calculator Does
Splits a preconstruction purchase into the milestone payments the developer will call, showing the dollar figure and the running total at each one. Rather than a single deposit number you get a timeline of when the money actually leaves your account between contract and closing.
Who Is This For
Buyers considering a new Miami tower, international purchasers arranging currency transfers around each milestone, and investors judging whether their capital works harder here or elsewhere while the building rises.
How It Works
Enter the purchase price and the percentage due at each milestone in the developer's contract. The calculator returns each payment, the cumulative sum committed before closing, and the balance due on delivery.
Frequently Asked Questions
How is a deposit schedule usually structured?
A common Miami structure runs 10% at contract, 10% more at groundbreaking, another 10% at top-off, and the balance at closing. Developers and buildings vary — some insert an extra milestone, some shift the percentages — so work from the contract in front of you rather than from a rule of thumb.
Why is so much due before delivery?
Buyer deposits fund construction, which is why Miami towers commonly call for 30% to 50% of the price before delivery. That is far beyond the 10% typical of a resale contract, and beyond most preconstruction markets outside Florida.
Where does the deposit sit?
In escrow, on the terms set out in your purchase agreement and in Florida law. Some deposits remain in a segregated escrow account; others may be released to the developer for construction once conditions are satisfied. The agreement states which rule governs each installment, and it is among the first things to read.
Is the deposit refundable?
That depends entirely on the contract. Preconstruction agreements are drafted by the developer and generally leave the buyer limited exit rights once the statutory rescission window has closed. Have a Florida real estate attorney read the agreement before the first payment, not before the third.
Do I need loan approval now?
Not at contract — but you will at delivery, and delivery may be years away. Rates, your income, and the building's lender approval status can all shift in the meantime. Allow 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 is $0.70 per $100 of price statewide, while Miami-Dade charges $0.60 per $100 plus a $0.45 surtax on property that is not single-family. Ask for a written closing cost estimate before you sign.