Faena Residences Miami – Deposits
Understanding the Appeal of Faena Miami Residences
Faena Miami Residences Deposits & Purchase Protection
The schedule below is a reference only. Request the current developer payment schedule and confirm all percentages, milestones and escrow provisions in your purchase agreement before signing.
| Faena Miami Residences Milestone | Payment |
|---|---|
| At Contract | 20% |
| At Groundbreaking | 10% |
| 12 Months After Groundbreaking | 10% |
| Pouring of Highest Residential Unit | 10% |
| At Closing | 50% |
| Total | 100% |
How Your Deposit Is Protected Under Florida Law
Buying pre-construction always raises the same question: what happens to my money before the building exists? In Florida, the answer is governed by statute Chapter 718, not by the developer’s goodwill.
Florida Statute 718.202 sets escrow requirements for deposits collected before construction is complete, with specific exceptions and conditions for the use of funds.- The escrow agent — typically a title company or law firm, not the developer — holds these funds independently and must issue a receipt for the deposit upon request.
- Ask your attorney to confirm the escrow institution, permitted investments and any applicable insurance limits. Escrow arrangements do not guarantee completion of the development.
- If a developer fails to comply with the escrow requirements, the pre-construction purchase contract becomes voidable by the buyer, with a full refund plus interest.
- Alternative assurances may apply if approved under the statute. Obtain project-specific documentation and independent legal advice before relying on them.
Important distinction: Under section 718.202(2), deposits above 10% collected before construction is complete also go into a special escrow account. Section 718.202(3) permits withdrawals of the excess for construction when its conditions, including the required contract language, are met. Do not assume that every deposit remains in escrow until closing. Review the Florida Legislature’s published statute and your project documents with a Florida real estate attorney.
Why This Matters For You
A staged deposit schedule spreads payments across milestones. It does not eliminate construction, financing or developer risk.
- Plan for each payment milestone and the amount due at closing using the schedule in your signed agreement.
- Our team can help you request the current project documents. Have an independent Florida real estate attorney explain your escrow arrangements, rights and obligations before you sign.
- Common Questions About Faena Miami Residences Deposits — the questions our buyers ask most often before signing a purchase agreement.
Can I get my deposit back if I change my mind? Refund and cancellation rights depend on applicable law, the purchase agreement and the circumstances. Ask your attorney to confirm the relevant deadlines and notice requirements before signing.
What happens if construction is delayed? Review the agreement’s completion, extension and cancellation provisions with your attorney. A delay does not establish a refund right by itself; the contract and applicable law must be considered.
Is this deposit structure typical for the market? Yes — a staged schedule similar to Faena Miami’s is standard among Miami luxury preconstruction developments, though exact percentages and milestones vary by project and should always be confirmed against the current purchase agreement.
Have questions about this project, please watch our Faena Miami Residence Video and call us about the deposit protection on this or another Miami real estate developments? connect with our team.
This page is for general informational purposes and does not constitute legal advice. Buyers should review the specific purchase agreement, disclosure documents, Faena Amenities, Faena Miami Residences Floor Plans and escrow arrangements for this project with a licensed Florida real estate attorney for legal opinion and interpretations.
