Most guides to condos for sale in Miami stop at the search. The harder part is the process that begins the moment you find the unit — the offer, the deposits, the inspection, the association approval and the closing. None of it is difficult, but each step has a deadline and a number attached, and a foreign buyer who knows the sequence in advance never gets surprised at the closing table.
Step 1 — The offer and the contract
You buy a Miami condo by signing a written purchase contract — usually the standard Florida "AS IS" form — that states your price, your deposit, your inspection period and your closing date. Price is set by recent comparable sales in the same building, not by the asking price; a good offer is anchored to real numbers. Once both sides sign, the contract is binding and the clock on every deadline below starts.
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On signing you wire an earnest money deposit — commonly 10% of the price — into a neutral escrow account held by the title company or closing attorney, not paid to the seller. A second deposit often follows once your inspection period ends. The escrow agent holds your money until closing and releases it according to the contract; if a contingency you are entitled to fails, your deposit is protected. For a foreign buyer this is the moment to have US funds positioned, because international wires take days.
Step 3 — Inspection and the condo association approval
During your inspection period you hire a licensed inspector to examine the unit, and — just as important in Florida today — you review the condo association documents: the budget, the reserves, the rules, and any special assessment or structural-reserve study. Post-2021, building financial health is the single most important diligence item in a Miami condo. Then comes a step unique to condos: the association application and approval. The condo board reviews and must approve you as a buyer — an application, a fee, sometimes an interview — before you can close. It is routine, but it takes time, so it is started early.
Step 4 — Closing costs and the timeline
Plan on roughly 45–60 days from signed contract to closing for a cash buyer, longer with financing. Budget closing costs of about 2%–5% of the price on top of the purchase: title insurance, documentary stamp and recording taxes, the association's transfer and estoppel fees, and prorated taxes. A foreign buyer should also plan around FIRPTA when they later sell, and decide whether to take title personally or through a Florida LLC — that is set up before closing, with your accountant, not after.
