Buying a pre-construction or new condo from a Florida developer: the 15-day right to cancel, where your deposit goes, and the documents to read before you sign in Hallandale Beach, Hollywood or Aventura

October 31, 2026 · Zach Curtis, REALTOR®, Realty Hub

Short answer: when you buy directly from a Florida condominium developer, Florida's Condominium Act gives you a 15-day window to cancel after you sign and receive the required documents. The first 10% of your deposit must sit in escrow. Deposits above 10% can go toward construction only if your contract says so in a bold legend on the first page. Here's what the law requires and what to check before you sign.

Your 15-day right to cancel

Every developer contract for a residential unit must carry a conspicuous legend saying the contract is voidable by the buyer (F.S. 718.503(1)(a)):

• You can cancel by written notice within 15 days after you sign and receive all the items the developer must deliver.
• The 15 days start again when you receive an amendment that materially changes the offering against you.
• Any waiver of these rights has no effect.
• You may extend closing by up to 15 days after receiving all the required items.
• The right ends at closing.

The developer can't close for 15 days after you sign and receive the documents unless you're told about the voidability period and agree in a separate signed agreement to close sooner. The same legend warns that budget figures are estimates and actual costs may exceed them, and that such cost changes aren't considered material adverse changes. Keep that in mind when you read the projected association fee.

The first page must also state that oral representations can't be relied on, and that you should rely on the contract and the statutory documents instead. If a sales presentation promised something, make sure it's in writing.

The documents you're owed

A developer of a residential condominium with more than 20 units must file a prospectus or offering circular with the state's Division of Florida Condominiums, Timeshares, and Mobile Homes. It must give you a copy, plus a separate "Frequently Asked Questions and Answers" sheet (F.S. 718.504). Under 718.503(1)(b), the documents include these, as applicable:

1. The declaration of condominium, or the proposed declaration, with the surveyor's certificate.
2. The articles and bylaws.
3. Any ground lease.
4. Management and maintenance contracts longer than one year.
5. The estimated operating budget and the schedule of expenses for each unit type.
6. Your unit's floor plan and the plot plan.
7. Any covenants and restrictions.
8. Evidence of the developer's interest in the land.
9. The milestone inspection summary, the most recent structural integrity reserve study and the turnover inspection report, or a conspicuous statement that one isn't required or hasn't been completed.

For what the milestone and reserve study rules mean, see milestone inspections and SIRS. Read the budget line by line; why condo fees are high in Florida explains what drives dues. The contract must also include a flood disclosure, saying homeowners' policies don't cover flood and whether the developer knows of flood damage, claims or federal assistance during its ownership. See flood insurance for condos.

Where your deposit goes

Under F.S. 718.202:

• If construction isn't substantially complete, the developer must put deposits of up to 10% of the price into escrow, and the escrow agent must give you a receipt on request. The contract must name the escrow agent and tell you that.
• If you properly cancel under the contract or the statute, the escrowed funds come back to you with any interest earned.
• If you default, the funds go to the developer.
• Payments above 10% go into a special escrow account. The developer can withdraw them for actual construction costs once construction has begun, but only if the contract allows it.
• Those withdrawn funds can't be used for sales salaries or commissions, advertising, loan costs, attorney or accounting fees, or insurance.
• A contract that allows use of deposits above 10% must carry a bold legend on the first page, directly above your signature line.

Before you sign, ask yourself whether you're comfortable with any money above 10% being used in construction. For how resale deposits work, see earnest money deposits.

Before you sign: a buyer's checklist

1. Mark the date you signed and the date you received every document. Your 15 days run from the later one.
2. Find the deposit schedule, the escrow agent and whether the over-10% legend is on page one.
3. Compare the estimated budget with similar buildings, and ask how reserves will be funded.
4. Talk to a lender early about financing a new building. Project approval for FHA, VA or conventional loans can depend on how many units have sold and other factors. See non-warrantable condos, FHA condo approval and VA condo approval.
5. Plan for closing costs and title; see Broward closing costs and title insurance.
6. Have a Florida real estate attorney review the contract if you have questions about its terms.

For resale condos the rules are different: a 7-day review period, excluding weekends and legal holidays, under 718.503(2). See the Florida condo buying checklist. Browse Hallandale Beach, Hollywood, Dania Beach, West Park or Aventura, then start at Ready to buy.

Zach Curtis, Realtor, Realty Hub, license SL3664129. Equal Housing Opportunity. General information, not legal, tax, insurance or lending advice. Statutes change; read your own contract and documents.

Published October 31, 2026 by Zach Curtis, REALTOR®, Realty Hub, license SL3664129. General information for South Florida, not legal, tax, insurance or lending advice. Laws, programs and prices change; check the official sources above, and ask a Florida attorney, CPA, insurance agent or lender about your situation. Listing numbers are asking prices and rents from BeachesMLS on the date shown. Equal Housing Opportunity. Zach Curtis and Realty Hub follow federal, Florida and Broward County fair housing law. Every listing is open to everyone. We never steer anyone by race, color, religion, sex, national origin, disability, familial status, age, sexual orientation, gender identity, or any other protected class.