Pre-Construction

One of the hottest areas of Florida real estate is the pre-construction and new construction markets. Developers across the state are building at a fantastic rate. In order to qualify for the various stages of their construction financing, many developers offer discounts to early buyers. These discounts often result in better than average appreciation for buyers.
Historically, in most cases, the following are the 4 phases:

1. Reservation Agreement

Developer has preliminary floor plans, site plans, amenities and prices. Buyers reserve units with a down payment between 10% to 20% (which will be credited to the buyer’s first deposit). All funds are placed in FDIC insured banks.

2. Signing of sale contract

Step 1 - Buyers will be required to complete 10% as first payment. (Deposit already made will be credited.)

Step 2 - Another 10% will be required as deposit within 3 - 8 months after signing of the sales contract. The contract then becomes binding on both parties.

3. Right of Rescission

This is the document examination period. The developer delivers the contract, the State approved Condominium documents containing the final exact details of the project
including: site plan, floor plans, amenities, rules, by-laws, budget and other pertinent
documents.

The buyers can get their funds refunded prior to signing a sales contract.

4. Closing the Sale

The condominium is completed and a certificate of occupancy is issued. The buyer does a walk-through inspection and then goes to closing. At this point the buyer's financing funds must be available to cover the remaining 80% of the purchase price plus closing costs.

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