Cash back on a Miami condo: what to expect, and what to check first
Miami-Dade's condo median is around $415,000. With a 2.5% buyer agent fee, your agent's brokerage earns about $10,375, and a 25% rebate puts about $2,594 back to you at closing.
The checks that matter more than the rebate
After the 2021 Surfside collapse, Florida tightened condo safety rules. Buildings three stories and taller need milestone structural inspections as they age, and associations must complete structural integrity reserve studies and fund reserves for key components. Many older buildings have passed large special assessments as a result.
- Ask for the latest milestone inspection report and reserve study.
- Read the last year of board minutes for planned assessments.
- Check the association's insurance, including wind coverage and deductibles.
- Confirm whether the building is on any lender's non-warrantable list, which can make financing hard.
Pre-construction in Miami
Developers in Brickell, Edgewater and Sunny Isles typically pay the buyer's broker. Register your agent before your first sales-centre visit. Deposit schedules on Miami pre-construction are often heavy, with large instalments before completion.
More on the county: Miami-Dade cash back.