Cora Merrick Park’s advertised deposit schedule reaches 50% before closing. Understanding when deposits become due, when they may leave escrow, and what the purchase agreement actually permits is essential to evaluating construction-period exposure.
At Cora Merrick Park, the deposit question deserves as much attention as the residence itself. The project is described as 74 residences at 4241 Aurora Street in Coral Gables, with Constellation Group and The Boschetti Group as developers. For a buyer committing capital during construction, however, the decisive details lie in the purchase and escrow agreements.
The essential distinction is simple: a deposit becoming due is not the same as that deposit becoming available to the developer. The payment schedule establishes when the buyer must contribute funds. Escrow-release provisions establish when those funds may leave custody and for what purpose.
CORA’s advertised schedule reaches 50% of the purchase price before closing. That does not establish that the entire amount remains in escrow until delivery-or that every payment above a particular threshold is automatically released. Protection depends on applicable law, the signed documents and satisfaction of the release conditions.
CORA’s advertised payment sequence is 3% at reservation, 17% at contract signing, 20% at groundbreaking and 10% at top-off. These are marketing terms, not a substitute for the agreement governing a particular purchase.
Read the schedule first as a liquidity commitment: cumulative payments reach 20% by contract signing, 40% at groundbreaking and 50% at top-off. Then consider custody: how much of each payment must remain in escrow, and how much could become eligible for an authorized withdrawal?
The reservation label warrants particular care. A 3% reservation payment should not be treated as a guaranteed soft commitment. Before transferring funds, obtain written confirmation of how it will be treated, including any refund conditions and how it is credited toward later obligations.
Confirm the complete deposit schedule and delivery timeline in writing before making a deposit. When comparing CORA with Ponce Park Coral Gables, apply the same document-first discipline rather than assuming a shared location implies equivalent deposit protection.
The Florida condominium escrow framework discussed here reflects 2023 provisions. Florida counsel should confirm the law applicable to the transaction before the buyer relies on these provisions.
Under that framework, payments up to 10% of the purchase price generally must enter escrow when condominium construction, furnishing and landscaping are not substantially complete. Payments above 10% received before completion fall within special-escrow provisions with different withdrawal rules.
The distinction matters: initial and excess deposits do not necessarily receive the same treatment during construction. The framework uses an independent escrow agent, so identify the actual holder and have counsel confirm the applicable custody requirements. An assurance that money is “in escrow” does not explain its eventual treatment.
Nor should the first 10% be described as untouchable. Statutory exceptions and permitted disbursements matter, including those involving buyer default. Escrow custody is a protection mechanism, not an unconditional guarantee of repayment regardless of contractual performance.
Under the 2023 statutory framework, deposits exceeding 10% may be used for construction only if the purchase contract authorizes that use and construction has begun. Authorized withdrawals are limited to actual construction and development costs. This is not unrestricted permission to spend buyer funds.
A contract permitting construction use must contain the conspicuous boldface warning:
“ANY PAYMENT IN EXCESS OF 10 PERCENT OF THE PURCHASE PRICE MADE TO DEVELOPER PRIOR TO CLOSING PURSUANT TO THIS CONTRACT MAY BE USED FOR CONSTRUCTION PURPOSES BY THE DEVELOPER.”
The warning should prompt a close reading of the operative release language. Ask counsel to identify the contractual authorization, the conditions for withdrawal and any additional requirements imposed by the escrow agreement. Then ask what documentation establishes that those conditions have been satisfied.
Groundbreaking illustrates why payment and release must be evaluated separately. A groundbreaking installment may become payable under the schedule, but that milestone alone does not establish every prerequisite for withdrawal. Conversely, an earlier excess payment could become available later, once all applicable conditions are met. Timing and permission are separate questions.
In a 50%-deposit scenario, the amount above the statutory 10% threshold is 40 percentage points of the purchase price. That portion may be available for authorized construction draws rather than remaining in escrow until closing.
The distinction is between potential eligibility and actual withdrawal. Neither the advertised schedule nor the arithmetic proves that CORA releases those funds. The project’s specific permissions, draw conditions and actual disbursements must be established through the governing documents and transaction-specific confirmation.
Once excess deposits are lawfully withdrawn for construction, they no longer remain in escrow. The buyer’s exposure increases if the project stalls or the developer fails. That does not mean the money is automatically lost; it means the buyer cannot treat it as cash still held by the escrow agent.
For a buyer also considering The Well Coconut Grove, the useful comparison extends beyond the headline deposit percentage. Compare payment timing, permitted release conditions, contractual remedies and any documented protections, without assuming another project follows CORA’s advertised structure.
Before committing funds, assemble the purchase agreement, escrow agreement and any reservation document. Have Florida counsel review them together, with particular attention to five issues:
Custody: Identify the escrow holder and confirm the arrangements governing each deposit tier.
Release: Locate the construction-use authorization and the conditions required before withdrawal.
Default: Review notices, cure periods and circumstances permitting disbursement to the developer.
Termination: Establish when the buyer may exit and what refund provisions apply.
Timing: Confirm deposit milestones and delivery obligations in writing, including relevant contractual qualifications.
Buyer-default language deserves the same attention as construction-use language. Under the statutory framework, default can permit payment of escrowed funds to the developer. Funds remaining in custody do not erase the consequences of failing to perform under the purchase agreement.
The right conclusion is neither that a 50% deposit is inherently unsafe nor that escrow eliminates construction risk. The buyer needs a clear account of what must be paid, what may be released and what remedies apply if performance breaks down.
For CORA, treat the advertised schedule as the starting point for that review-not proof of refund rights, guarantees or actual draw permissions. A disciplined purchase decision distinguishes capital committed from capital still held in escrow.
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Begin a quiet conversationThe advertised schedule is 3% at reservation, 17% at contract signing, 20% at groundbreaking and 10% at top-off. Confirm the terms governing your purchase in writing.
The advertised installments total 50% of the purchase price before closing, including a cumulative 20% by contract signing.
The reservation label does not establish refundability. Review the reservation document and obtain written confirmation of the applicable refund conditions before paying.
No. A payment becoming due and the developer becoming authorized to withdraw it are separate conditions.
Under the 2023 Florida condominium escrow framework discussed here, payments up to 10% generally must enter escrow before substantial completion of construction, furnishing and landscaping. Excess payments follow different withdrawal provisions.
Under the 2023 statutory framework discussed here, the purchase contract must authorize construction use and construction must have begun. Authorized withdrawals are limited to actual construction and development costs.
No. Statutory exceptions and permitted disbursements, including buyer-default provisions, can affect the funds.
No. Forty percentage points exceed the 10% threshold, but actual release depends on contractual authorization and satisfaction of applicable conditions.
Lawfully withdrawn funds no longer remain in escrow, increasing exposure if construction stalls or the developer fails. Withdrawal does not itself mean those funds are automatically lost.
Counsel should review the purchase, reservation and escrow documents, including custody, draw conditions, default notices, cure periods and termination or refund rights. Counsel should also confirm the law applicable to the transaction.
