Forida Preconstruction Study Guide -
Step by Step Process For Buying Pre Construction Condominiums in Miami Florida

PRE CONSTRUCTION TIME LINE
Step by Step Explanation

First month 3-6 months -----------6-9 months---------------------- 2yrs
-------10% down----------------------- 10% Deposit --------------------Ability to sell Closing

3 price levels of purchasing

LEVEL 1: Friends and Family------------------------------------- NOT ADVERTISED

LEVEL 2: VIPs (usually 5-10% higher)------------------------- ADVERTISED

LEVEL 3: Public Opening (usually another 5-10% higher) ADVERTISED

Deposits required:

a. $15,000 or $25,000 to be ready to buy on opening day
b. Balance of 10% due15 calendar days thereafter
c. Additional 10% due:
a. 3-6 months thereafter or
b. Upon groundbreaking

Typical Timeline

a. Opening Day: Choose Unit and first deposit
b. 15 days: Balance of 10% due
c. 3-6 months Additional 10% due
d. 6 months Ability to Resell
e. 9 months Resell unit and receive deposit back
f. 24 months Closing and receive profit

To be ready to buy:

1. Check
a. Required 1 week before opening:
b. $15,000 for 1 bedroom,
c. $25,000 for 2,3 bedrooms
2. Letter of intent and select
a. Price range
b. Style of unit desired
c. Approx floor height

Opening Date

a. The pricing is released on opening day.
b. We will call you with the units most closely matching your choice.
c. If you accept, the check gets deposited
d. If you do not like the unit:
a. We hold on to the check and it does not get deposited
b. We wait for another unit
c. We wait for cancellations
e. A fax signature will be required within 24 hours
f. Originals will be overnighted upon receipt of fax signature with condo documents showing all the rules and regulations.
g. You must overnight the contract back within 72 hours

Procedures in the first 15 days

1. You will have 15 calendar days from the date you sign the contract to review the condo documents
2. You may cancel the transaction at no cost or penalty within those 15 days by faxing directly to the developer.
3. If you cancel, you must provide to the developer:
4. Indication if you would like to consider another unit or get refund of check
5. If refund, provide mailing address where check should be sent
6. It may take 15-30 days for your refund to be processed.
   

Procedures for Re-selling your unit

1. The contracts will say that you are not allowed to sell or assign your unit in any way without the developer’s permission
2. Once you have given the full 20% and the project is sold out (some projects in less than 30 days, 6 weeks, or 6 months), you will typically get a letter that states the developer is now allowing you to resell your unit. The fee for reselling your unit is ¼ % of the price.
3. You may resell your unit:
4. On your own 0% fee
5. Through the FloridaRealtyFinder Team 4.5% fee
6. Through the developer 6.0% fee
7. Once you have agreed with the buyer on price and terms:
   - The developer will release you from the contract
   - BUYER 2 will enter into a new contract with the developer.
   - Once BUYER 2 gives 20% deposits, you will receive your 20% deposit back minus the ¼ % fee.
   - You get your profit at closing minus any commissions paid above.
   

This is the typical Pre Construction guideline for purchasing a Pre Construction
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