How the deposit schedule actually works

What’s on the list

1. 1

   In preconstruction you pay in stages, exactly the way your purchase agreement with the developer spells it out. None of this is an industry standard.

2. 2

   Reservation: the first deposit. Usually refundable up to a point — read that clause word by word.

3. 3

   Signed contract: a second deposit on a fixed date, usually a few days after you sign.

4. 4

   Construction milestone deposits — groundbreaking, a certain floor, top-off. Every developer writes their own, and the percentages change project to project.

5. 5

   Balance at closing: the last piece, once the unit gets its certificate of occupancy.

6. 6

   Never assume another building’s schedule applies to yours. Ask for yours in writing before you sign anything.

7. 7

   Confirm where your deposits are held, and whether they sit in a protected escrow account.

8. 8

   Ask what happens if the project runs late, and what the developer’s outside date is in your contract.

9. 9

   Ask when you’re able to finance. A lot of lenders only quote near delivery, so plan the cash in between.

10. 10

    Ask whether you can assign the contract before closing — at what cost, and with what approval from the developer.

11. 11

    Budget the developer’s closing costs: developer fees, taxes, and the association’s initial working capital.

12. 12

    Ask for the full condominium prospectus. In Florida, sales of new units require document delivery and come with a cancellation period; go through it with your attorney.

    Fla. Stat. §718.503 — Condominium disclosure & cancellation period
13. 13

    Renderings, finishes and floor plans can change. Only what’s written into the contract counts — keep a copy of everything.

Your situation doesn’t fit a checklist? Message Jordan or book 15 minutes.