Miami real estate runs on condominiums, international money and a set of local customs that differ from the rest of Florida. The buyer usually pays for title insurance. Documentary stamp tax on the deed is calculated differently than in Broward or Palm Beach. A large share of sellers are foreign persons, which puts FIRPTA withholding on the closing statement. And since the Surfside collapse, every condo purchase involves reading structural inspection reports and reserve studies that did not exist a few years ago. I’m Eric J. Goldman, and I represent buyers, sellers, investors and owners in Miami real estate transactions and disputes from my Fort Lauderdale office, a short drive up I-95.
Clients work with me directly, not with a closing department. Call (954) 536-7557 to discuss a purchase, sale, contract or association matter anywhere in the City of Miami or Miami-Dade County.
Condo Purchases in Brickell, Aventura and Miami Beach
Miami’s condominium market spans new-construction towers in Brickell and Edgewater, established buildings in Aventura and Sunny Isles Beach, and older oceanfront stock in Miami Beach and Bal Harbour. Each category carries different risks. New-construction contracts are developer forms with long completion windows, deposit schedules and limited remedies that need to be understood before signing. Resales in established buildings turn on the association’s finances, the rental restrictions, the approval process and the estoppel certificate. Older buildings raise the inspection and reserve questions discussed below.
In every condo purchase I review the declaration, bylaws and rules, the budget and financial statements, the reserve study, the board minutes, the estoppel letter and the association’s answers to the buyer’s questions, all within the statutory review period, so that my client can cancel if the documents reveal a problem. My articles on Brickell condo special assessments and what to review before an Aventura condo closing walk through the documents that most often change a buyer’s mind.
FIRPTA and Foreign Buyers and Sellers
The Foreign Investment in Real Property Tax Act requires the buyer of U.S. real estate from a foreign person to withhold 15 percent of the gross sales price and remit it to the IRS, unless an exception or a reduced rate applies. The rate drops to 10 percent when the price is $1,000,000 or less and the buyer will use the property as a residence, and withholding is not required when the price is $300,000 or less and the buyer will reside there. A seller who expects to owe less tax than the withheld amount can apply for a withholding certificate, but the application must be filed before closing and the funds are held until the IRS responds.
Because the buyer is the party liable to the IRS if withholding is missed, FIRPTA affects both sides of a Miami closing. I identify the seller’s status early, structure the contract and closing statement around the withholding, coordinate the withholding certificate application with the seller’s tax advisor when appropriate, and make sure the forms are filed. My article on FIRPTA withholding for foreign sellers in Miami-Dade covers the details. I also represent foreign buyers on entity selection, title vesting and the closing itself.
Post-Surfside Inspections and Reserves
Florida’s 2022 condominium safety law requires buildings three stories or taller to undergo a milestone structural inspection at 30 years of age (earlier for some coastal buildings) and every ten years afterward, and requires associations to complete a structural integrity reserve study and fully fund reserves for structural components. Sellers must provide buyers with the milestone inspection report summary and the reserve study, and buyers should read them alongside the budget. In Miami Beach, Bal Harbour, Sunny Isles Beach and Key Biscayne, where a large share of oceanfront buildings date from the 1960s through the 1980s, these reports often reveal multi-million-dollar repair projects and special assessments that have not yet been levied. I review them before my clients commit. The article on how the post-Surfside reforms changed Miami Beach condo resales explains the practical effect on pricing and negotiations.
Miami-Dade Closing Customs
Several local practices distinguish Miami-Dade closings from the rest of South Florida:
- Documentary stamp tax on deeds is $0.60 per $100 in Miami-Dade, with an additional $0.45 per $100 surtax on property other than single-family residences, instead of the $0.70 rate used in Broward and Palm Beach.
- Title insurance is customarily paid by the buyer in Miami-Dade, which means the buyer typically selects the title agent. The contract governs, and this is negotiable.
- Recording is handled by the Miami-Dade County Clerk of the Court and Comptroller, and the City of Miami and other municipalities each run their own permit and code enforcement systems that a municipal lien search must cover.
- Litigation over Miami real estate is filed in the 11th Judicial Circuit at the Dade County Courthouse or the county court, depending on the amount.
I build these customs into the contract and the closing statement, coordinate with the title underwriter, lender and brokers, and review the deed, the settlement statement and the final documents before anything is signed. The full closing process is described on my real estate closing attorney page.
Commercial and Investment Property
Miami’s commercial market, from the Brickell office towers to Wynwood’s retail and creative space, the Design District, Doral’s industrial parks and the multifamily inventory in Little Havana and Allapattah, generates purchases, sales, leases and 1031 exchanges that I handle alongside residential work. Zoning under Miami 21 and the municipality-specific codes across the county is frequently the deciding factor in whether a deal works.
Neighborhoods and Cities I Serve
I represent clients throughout the City of Miami, including Brickell, Downtown, Edgewater, Wynwood, the Design District, Coconut Grove, Little Havana and Coral Way, and across Miami-Dade County, including Miami Beach, Bal Harbour, Surfside, Sunny Isles Beach, Aventura, North Miami, Coral Gables, Key Biscayne, Doral, Kendall, Pinecrest, Palmetto Bay and Homestead. County-wide coverage is described on the Miami-Dade real estate attorney page.
Frequently Asked Questions
Who pays for title insurance in Miami?
By custom, the buyer pays for the owner’s title policy in Miami-Dade County and chooses the title agent. In Broward and Palm Beach the seller usually pays. The purchase contract controls, and the allocation can be negotiated.
I am buying from a foreign seller. What do I need to know about FIRPTA?
You, as the buyer, are responsible for withholding up to 15 percent of the price and sending it to the IRS unless an exception applies. The seller’s status should be confirmed with an affidavit before closing, and the withholding must be built into the closing statement. If it is missed, the IRS can pursue the buyer for the tax.
Can I cancel a Miami condo contract after reviewing the association documents?
For a resale, Florida law gives the buyer three business days after receiving the required condominium documents to cancel; for a developer sale the period is fifteen days. The contract may extend those periods. I review the documents inside that window so my clients can make the decision with full information.
Do you handle Miami matters from Fort Lauderdale?
Yes. Most of the work happens by phone, email and secure document exchange, closings can be conducted remotely or at a Miami title office, and I appear in the Miami-Dade courts regularly.
Talk to a Miami Real Estate Attorney
If you are buying or selling in Miami, dealing with a condo association, or working through a FIRPTA question, call (954) 536-7557 or use the contact page. The consultation is free.