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Scenarios of Pre Construction in Miami, South Beach, and Ft. Lauderdale
3 different Price Levels for Purchasing Pre Construction in Miami
LEVEL 1: These units are not advertise & only available through the Miami Real Estate Trends team.
LEVEL 2: These units that are advertised are usually 5-10% higher.
LEVEL 3: Public Opening are usually another 5-10% higherthen those that are advertised
Deposits required for purchasing Pre construction in Miami:
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$15,000 or $25,000 to be ready to buy on opening day
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Balance of first 10% deposit due 15-45 calendar days thereafter
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Additional 10% deposit due:
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3-6 months thereafter or
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Upon groundbreaking
Typical Timeline for Pre construction in Miami:
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Opening Day: Choose Unit and first deposit
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15 days: Balance of 10% due
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3-6 months Additional 10% due
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6 months Ability to Resell
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9 months Resell unit and receive deposit back
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24 months Closing and receive profit
To be ready to buy:
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Check
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Required 1 week before opening:
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$15,000 to $20,000 for 1 bedroom,
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$25,000 fto $30,000 for 2,3 bedrooms
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Letter of intent and select
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Price range
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Style of unit desired
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Approx floor height
Opening Date
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The pricing is released on opening day.
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We will call you with the units most closely matching your choice.
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If you accept, the check gets deposited
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If you do not like the unit:
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We hold on to the check and it does not get deposited.
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We wait for another unit to become available.
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We wait for cancellations.
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A fax signature will be required within 24 hours.
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Originals will be overnighted upon receipt of fax signature with condo \documents showing all the rules and regulations.
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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.
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You may cancel the transaction at no cost or penalty within those 15 days by faxing directly to the developer.
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If you cancel, you must provide to the developer:
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Indication if you would like to consider another unit or get refund of check by notifing them in writting.
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If refund, provide mailing address where check should be sent
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It may take 15-30 days for your refund to be processed.
Procedures for Re-selling your unit
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The contracts will say that you are not allowed to sell or assign your unit in any way without the developer’s permission
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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.
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You may resell your unit:
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On your own 0% fee
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Through the Dan Maza P.A. 4.5% fee
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Through the developer 6.0% fee
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Once you have agreed with the buyer on price and terms:
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the developer will release you from the contract
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BUYER 2 will enter into a new contract with the developer.
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Once BUYER 2 gives 20% deposits, you will receive your 20% deposit back minus the ¼ % fee.
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You get your profit at closing minus any commissions paid above.
KNOW YOUR RIGHTS BEFORE YOU BUY CONDOS
Chapter 718 Florida Statute - establishes procedures for creating, selling and operating condominiums. The law requires that the developer give a disclosure statement to the buyer stating that the buyer may cancel the contract within 15 calendar days of signing the contract or of receipt by the buyer of the condominium documents, whichever is later. A purchaser of an existing (resale) condominium unit has the right to cancel the contract within 3 business days after the date of the execution of the contract and receipt by the buyer of the condo documents.
***Attention, Investors for additional information on what type of ownership you should utilize to purchase your pre construction in Miami, please contact Miami Real Estate Trendsfor a free consultation.
Dan Maza P.A.
Director of Operations
Click here to contact us by E-mail or Phone.
Disclaimer: The above information shows factual historical data and is to be used for analysis purposes only. Dan Maza and any of his agents do not guarantee a certain return on investment, thus we recommend that you consult with your Attorney or Financial Manager prior to purchasing Real Estate properties.
Tax Records
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