Buying a Pre-Construction Condo in Florida: Deposits, Rights and Timeline
Last reviewed · Smart Coastal Assets
The short answer
When you buy a new condominium directly from a Florida developer, section 718.503 of the Florida Statutes gives you 15 days after signing the contract and receiving the required documents to cancel. Deposits must be held in escrow under section 718.202. Review the prospectus, declaration, budget and plans before the 15 days end.
Your 15-day right to cancel
Section 718.503(1)(a) lets a buyer cancel a developer contract within 15 days after signing it and receiving all items the developer must deliver. Use this window to read the documents and ask questions.
Deposits and escrow
Section 718.202 requires developers to hold buyer deposits in escrow. If the contract allows it, deposits above 10% of the purchase price may be used for construction, subject to statutory conditions. Ask how and where your deposit will be held.
Documents to review
- Prospectus or offering circular
- Declaration of condominium, bylaws and rules (including rental rules)
- Estimated operating budget and reserve schedule
- Floor plans, site plan and specifications
- Management or rental program agreements, if any
Current deposit terms
| Residence | Initial deposit | Total down | Completion |
|---|---|---|---|
| The Beachmaker Resort | $5,000 reservation deposit with a 15-day right of rescission | 20% placed in escrow for select Founders Club residences | Target opening 2029 |
| Sapphire Shores | $10,000 | 20% | Q1 2027 |
| Capri Townhomes | $10,000 | 20% | Completed · Move-in ready |
| The Residences | $10,000 | 10% | Completed · Move-in ready |
| Coastal Elegance at Snug Harbor | $10,000 | 20% | Completed · Move-in ready |
Frequently asked questions
Can I cancel a pre-construction condo contract in Florida?
Yes. Under section 718.503, Florida Statutes, buyers from a developer may cancel within 15 days after signing the contract and receiving the required documents.
Is my condo deposit protected in Florida?
Section 718.202 requires developer deposits to be held in escrow. Deposits over 10% of the price may be used for construction only if the contract permits it and statutory conditions are met.
Sources
This is general information, not legal advice. Have a Florida real estate attorney review your contract.
Have a question about a specific residence?
Request Information