Overview
Making an offer on a Miami condo typically means submitting the Florida Realtors®/Florida Bar AS-IS Purchase and Sales agreement with a price, earnest money deposit (typically 2–5%), financing and inspection contingencies, and a closing date. Once you have a copy of the condo documents, Florida law gives you 7 days (excluding weekends and holidays) to cancel the contract under Section 718.503 — not 3 days, a common misconception. After the seller accepts, you'll also need to apply separately to the condo association, typically for a fee capped at $100 per applicant under Florida law. Here's what to expect at each stage.
What's Needed to Make an Offer
Your agent will typically use the standard AS-IS Purchase and Sales agreement, which establishes:
- The offer price
- Terms, such as a request for closing cost assistance, or making the offer contingent on financing and a home inspection
- A target closing date
- Earnest money deposit, typically 2–5% of the offer price
- A request for a final walkthrough
- A time limit on how long the offer stands
Include a pre-approval letter if you're financing, or proof of funds (bank statements or an official bank letter) if you're paying cash.
Common Contingencies
Financing: The standard AS-IS contract includes a financing contingency, requiring the buyer to secure loan approval within an agreed window and make the necessary submissions to get there. Buyers can also add contingencies tied to appraisal results or specific dollar thresholds.
Home inspection: Making the offer contingent on a successful inspection protects you if it turns up costly repairs. The seller can choose to make repairs or credit the buyer instead, or decline — in which case the buyer decides whether to handle the repairs themselves or walk away. This contingency also lets the buyer cancel and recover their deposit in full during the inspection period.
If you need to sell your current home first, it's also common to add a home-sale contingency to the offer.
Buyer's Market vs. Seller's Market
In a buyer's market, inventory outpaces demand, giving buyers more room to negotiate price and add contingencies — though an aggressively low offer still risks insulting the seller and getting rejected outright. In a seller's market, demand outpaces inventory, often producing multiple offers; standing out typically means a stronger price, fewer contingencies, and sometimes a larger earnest money deposit.
Condo Documents to Request
Ask for the association's financial statements, budget, and meeting minutes to gauge financial health, plus the rules and regulations to understand rental or renovation restrictions. Documents to request:
- Financial statements
- Rules and regulations
- Income statement
- Condo budget
- Seller disclosure
- Condo rider
Under Florida Statute 718.503, buyers have 7 days, excluding Saturdays, Sundays, and legal holidays, after receiving these condo documents to cancel the contract. This right can't be waived, and it's a meaningfully longer window than many buyers assume.
After You Submit an Offer
The seller can accept, counter, or reject your offer within an agreed timeframe. Since many Miami sellers reside outside the country, response times can run longer than expected. Your agent will relay the seller's decision and next steps once the listing agent responds.
When the Seller Counters
A counteroffer adjusts terms from your initial offer — price, closing date, contingencies, or something else. You can accept the counter to finalize the contract, reject it, or continue negotiating until both sides land on terms everyone agrees to.
If the Seller Rejects Your Offer
Ask your agent for insight into why the offer was rejected. From there, you can adjust and resubmit, or move on to other properties.
The Condo Association's Role
The association has its own approval process independent of the seller's acceptance — buyers must complete an application and pay an application fee, capped at $100 per applicant ($150 for a married couple treated as one applicant) under Florida Statute 718.112. The association can approve or deny buyers, and its rules govern what you can do with the unit afterward, including rental restrictions.
Apply within the timeframe your contract specifies once the seller accepts your offer. Some associations use online applications; others require physical paperwork. Expect to provide ID, proof of employment, and other supporting documents alongside the application fee.
