Making an Offer on a Miami Condo: What Actually Happens

Buying a condo in Miami takes about 45 to 60 days from an accepted offer to closing, longer if association approval is slow or the building needs condo-questionnaire revision with the lender. Most of what happens in that window is invisible to the buyer unless someone explains it in advance. I walk buyers through this sequence before we write the first offer—because the moments that kill deals are almost always the ones nobody prepared for.

Published September 14, 2026

Step one: AS IS or Standard contract

Nearly every resale condo transaction in Miami uses the Florida Residential AS IS Contract for Sale and Purchase, jointly published by Florida Realtors and The Florida Bar. The AS IS designation does not mean the seller is absolved of disclosure obligations—it means the buyer accepts the property in its current physical condition and cannot demand that the seller make repairs discovered during inspection. In exchange, the buyer retains an unconditional right to cancel during the inspection period for any reason, or no reason.

The alternative is the Florida Realtors/FloridaBar Standard form, which gives buyers the right to demand repairs up to a specified dollar amount. In practice, almost no Miami condo transaction uses the Standard form. Sellers prefer AS IS because it limits post-inspection renegotiation; buyers in a competitive market accept it because the unconditional inspection-period cancellation right provides the same practical protection.

Both contracts are accompanied by a Condo Rider (CR-7) for any condominium purchase. The Condo Rider addresses association approval, the statutory document delivery period, and condo-specific contingencies that the main contract does not cover.

Step two: earnest money and offer terms

The initial earnest money deposit in Miami typically runs 1 to 3 percent of the purchase price, delivered to the escrow agent—usually the title company—within three business days of ratification. For a $1.2 million condo, that is $12,000 to $36,000 moving to escrow within days of signing. A second deposit, if structured into the contract, is often due at the end of the inspection period and can equal an additional 5 to 10 percent.

The offer terms that matter most in a competitive situation: the size of the initial deposit (higher signals commitment), the length of the inspection period (shorter is more attractive to sellers), and whether there is a financing contingency (buyers waiving financing take more risk but are more competitive). I advise buyers to be honest about which levers they can actually pull—waiving financing contingency when you have not confirmed condo project approval status with your lender is a meaningful risk, not just a negotiating posture.

Step three: the inspection period

The AS IS contract provides a default inspection period of 15 days from the effective date. During this window, the buyer has the right to conduct any inspection—physical, environmental, electrical, HVAC—and to cancel for any reason by delivering written notice before the period expires. The earnest money returns in full if the buyer cancels within the inspection period. After it expires, the deposit is at risk except for specific contingencies that survive.

I recommend buyers use the full inspection period for condominium purchases. In addition to the physical inspection of the unit, you should use this window to request two years of board meeting minutes (separate from the statutory document package—see below), the most recent reserve study or an explanation of why none exists, and any pending special assessment disclosures. See the guide on what to look for in board minutes for what to search and why it matters.

Step four: the statutory condo document package

Florida Statute §718.503(2) requires a non-developer seller to deliver a specific package of documents to a buyer: the declaration of condominium, articles of incorporation, bylaws, rules and regulations, the most recent annual financial statement and current budget, the most recent structural integrity reserve study or a statement that one does not exist or was not required, and the most recent milestone inspection report summary where applicable.

Upon receipt of the complete package, the buyer has three business days to review and may cancel the contract during that period for any reason, receiving a full deposit refund. The Condo Rider extends this right explicitly. The cancellation clock does not start until the complete package is delivered—a partial delivery does not begin the period.

Note what is not on this list: board meeting minutes. Those are a separate request under Florida Statute §718.111(12), on a different ten-working-day production timeline, and must be requested separately. Waiting until you have the statutory package before requesting minutes is how buyers end up reading two years of minutes in the final hours before their inspection period expires. Request both simultaneously, on day one.

Step five: association approval

Most Miami-Dade condominium associations require board approval of any purchaser. The process typically involves a written application, processing fees, a credit check authorization, and sometimes a personal or virtual interview with the board or its representative. The timeline varies significantly by building: I have seen approvals issued in ten days in some towers and run past 30 days in others where the board meets monthly and a quorum is required.

Some associations hold a right of first refusal—the right to purchase the unit themselves at the agreed price in lieu of approving the outside buyer. This right must be disclosed in the declaration and is exercisable within a specified window, usually 30 days from the association's receipt of the transfer documents. In practice, most associations do not exercise this right, but the structural possibility requires that the closing calendar account for it.

Get the association application package from the seller's side at the same time you request the condo document package. Association approval is almost always the longest-lead item in a Miami condo closing, and the buyer-side application cannot even be submitted until after contract ratification. Every day you delay is a day added to the back end of the closing timeline.

Step six: lender review and condo questionnaire

Buyers using financing face a step that cash buyers skip: the lender's review of the condo project. For conventional financing, the lender must determine whether the project meets Fannie Mae or Freddie Mac eligibility requirements. This review is triggered by the lender ordering a condo questionnaire from the association, which the association's management company completes. The questionnaire covers: percentage of owner-occupied units, percentage of one entity's ownership, delinquency rates, pending litigation, and whether the project has completed its required structural integrity reserve study.

A condo project that does not meet eligibility is classified as non-warrantable, and the conventional financing commitment cannot issue. This is not a minor financing glitch—it can require requalifying with a portfolio lender on different terms, or in some cases the deal does not close at all. Ask me to verify project approval status on any condo before you write an offer on it if you are financing. For a deeper look at how Edgewater buildings specifically interact with Fannie Mae approval, see the Edgewater financing guide. This check takes one business day and costs nothing.

Step seven: title commitment, clear to close, and closing

The title company opens the file at or shortly after ratification and orders a title search. The title commitment is typically issued within 10 to 15 days. It details any conditions that must be cleared before closing—open permits, code violations, liens, assessments—and the buyer has a right under the contract to object to title defects and require the seller to cure them.

Clear to close typically comes from the lender 24 to 72 hours before the scheduled closing date. Closing in Miami-Dade is handled by a title company rather than an attorney (though attorneys frequently attend). The closing table involves signing the settlement statement, the deed, the mortgage documents if financing, and the various state and county transfer documents. The documentary stamp tax on a deed transfer in Florida is $0.70 per $100 of purchase price; the documentary stamp tax on a new mortgage is $0.35 per $100 of the debt amount. These are not negotiable.

For a cash closing with no complications, 30 days is achievable. For a financed transaction in a building requiring a condo questionnaire and association approval, budget 45 to 60 days. For a building with a condo-hotel structure or any non-warrantable designation, add more time and consult your lender early.

Frequently asked questions

Can I negotiate after the inspection?

Under the AS IS contract, the seller is not obligated to make repairs or reduce price based on inspection findings. You can make a request; the seller can decline. The buyer's only guaranteed leverage during the inspection period is the right to cancel and receive the deposit back. After the inspection period closes, requesting a price reduction based on inspection findings is a negotiation, not a right.

What if the association denies my application?

Association denial is a contract contingency under the Condo Rider. If the association lawfully rejects a buyer's application, the buyer is entitled to a full deposit refund. The grounds on which an association may deny a buyer are limited by Florida Statute and federal Fair Housing law—the board cannot decline a purchase based on a protected characteristic.

Is a 15-day inspection period standard in Miami?

It is the default under the current AS IS contract. In a competitive multiple-offer situation, a seller may ask buyers to shorten it. A 10-day inspection period is common in strong markets. Seven days exists but creates real scheduling pressure for a buyer who needs time to line up an inspector and review the condo documents simultaneously. I would not go below 10 days in a condominium purchase.

Do I need a Florida attorney to close on a condo here?

No—Florida is a title-company closing state for most residential transactions. An attorney is not required by statute, though buyers are free to retain one. In some transactions, particularly those involving foreign buyers, title insurance complexities, or estate situations, having a real estate attorney review documents before closing adds meaningful protection.

What are the closing costs for a buyer in Miami-Dade?

As a buyer in Miami-Dade, your primary closing costs are: title insurance (owner's policy premium based on purchase price, per Florida Department of Insurance-filed rates), lender fees and mortgage origination costs if financing, escrow/closing fee to the title company, and the recording fee for the deed and mortgage. The documentary stamp tax on the deed ($0.70 per $100 of purchase price) is typically a seller cost per contract default, but this is negotiable. Budget 2 to 3 percent of the purchase price in total buyer-side closing costs; your lender will provide a Loan Estimate within three business days of application with itemized figures. I am a licensed sales associate, not a lender or attorney—verify all closing cost estimates with your specific service providers.

Stefania Riverin, Licensed Real Estate Sales Associate, FL SL3620067, brokered by NB Elite Realty. General information about how the purchase process works in Florida—not legal or financial advice. Transaction specifics vary by building and deal structure; retain a licensed Florida attorney and a licensed Florida mortgage professional for advice specific to your purchase.