Icon Beach Deposits

Icon Beach deposits follow a four-stage schedule set by the developer. Buyers pay 20% at contract, 20% at groundbreaking, 10% at top-off and the remaining 50% at closing. These percentages come from the developer’s official Icon Beach fact sheet.

Icon Beach Deposit Structure

20%	Due at contract signing
20%	Due at groundbreaking
10%	Due at top-off (when the tower reaches its full height)
50%	Due at closing

Source: developer fact sheet for 3724 South Ocean Drive Condominium. Confirm the current schedule in the Developer’s Prospectus before signing.

What the Deposits Look Like in Dollars

On a residence priced at $1,000,000, the schedule works out to $200,000 at contract, $200,000 at groundbreaking, $100,000 at top-off and $500,000 at closing. Multiply by your own purchase price to estimate your own milestones. Our team provides a written schedule with real numbers for the residence you choose. See current Icon Beach prices and compare layouts on the floor plans page.

When Each Milestone Happens

Construction began in 2026 and completion is currently estimated for 2029, so the groundbreaking payment is tied to work already underway and top-off follows later in construction. Timelines can shift; the contract governs.

What Buyers Should Confirm Before Signing

• The written deposit schedule and dates for your specific residence
• Where deposits are held and under what escrow terms
• Closing costs, developer fees and estimated association assessments
• Master Association dues, which are separate from condominium assessments
• Beach club use, which requires a payment not included in association assessments
• Rental and leasing rules in the condominium documents: the current policy allows one rental every 6 months, a maximum of two leases per year

Is My Deposit Held in Escrow?

Yes. Section 718.202, Florida Statutes, requires a developer selling a unit that is not substantially complete to place all payments up to 10% of the purchase price in an escrow account. That first 10% stays in escrow and cannot be spent on construction.

Can the Developer Use My Deposit to Build?

Only the portion above 10%, and only under conditions. Amounts over 10% of the purchase price go into a separate special escrow account and generally cannot be touched before closing. The developer may withdraw from that excess for construction only if your purchase agreement expressly says so and construction has actually begun.

At Icon Beach’s 20/20/10/50 schedule, the first 10% of the price is protected escrow. The remainder of the pre-closing deposits, 40% of the price, is the portion that could be used for construction if the contract permits it.

What Those Funds May and May Not Pay For

Permitted	Actual construction and development costs: demolition, site clearing, permit and impact fees, utility reservation fees, and architectural, engineering and surveying fees for the project
Not permitted	Sales commissions, marketing, loan fees and interest, attorney and accounting fees, and insurance

If a contract allows the developer to use funds above 10%, the statute requires a conspicuous bold legend above your signature line beginning “ANY PAYMENT IN EXCESS OF 10 PERCENT OF THE PURCHASE PRICE.” Read that legend before you sign. If a developer violates the escrow rules, the statute lets the buyer void the contract and recover deposits with interest.

General information, not legal advice. Confirm the escrow terms in your own purchase agreement and have a Florida real estate attorney review them. Last reviewed October 2026.

Your 15-Day Right to Cancel

Section 718.503, Florida Statutes, gives a buyer purchasing from the developer 15 days to cancel the purchase agreement and receive a full deposit refund. The period runs from signing the contract and receiving all documents the developer must deliver, and the cancellation legend must appear in the contract itself. Use those 15 days to have an attorney read the prospectus and the condominium documents. We are not attorneys and this is not legal advice.

Financing a Pre-Construction Purchase

Deposits are usually paid from your own funds; a mortgage, when used, applies at closing. International buyers often ask about financing available to foreign nationals. Our multilingual team can connect you with lenders who work on South Florida pre-construction.

How to Take Title at Icon Beach

The name on the deed is a decision to make before closing, not at the closing table, because it affects taxes, estate planning, privacy and creditor exposure. Our team is not made up of attorneys or tax advisors; the summary below is general information, and the right answer depends on your residency, marital status and estate plan.

Individual name	Simplest and cheapest. One owner on the deed. Eligible for the Florida homestead exemption if it is your permanent residence.
Joint tenants with right of survivorship	Two or more owners; on death, the share passes automatically to the survivors instead of through probate.
Tenancy by the entirety	For married couples only. Adds survivorship plus creditor protection against a debt of one spouse alone.
Tenants in common	Two or more owners with separate, divisible shares that can be unequal. Each share passes under that owner’s will, not to the co-owners.
Revocable living trust	Keeps the residence out of probate and private. A properly drafted trust where you keep beneficial title and live there can retain homestead status.
Florida land trust	Authorized by Section 689.071, Florida Statutes. Keeps the beneficial owner off the public deed record. Often used for privacy.
LLC	Common for investment and rental ownership, and for multiple investors. An LLC generally cannot claim the Florida homestead exemption or homestead creditor protection, because those apply to natural persons.
Corporation or partnership	Used in some foreign and multi-investor structures. Same homestead limitation as an LLC; adds filing and accounting obligations.

If You Are Not a US Citizen or Resident

Two federal rules drive most international structuring decisions. US-situs assets owned by a nonresident are exposed to federal estate tax above a $60,000 exemption, at rates up to 40%, which is why many foreign buyers hold property through an entity or trust. On resale, FIRPTA generally requires the buyer to withhold 15% of the gross sales price from a foreign seller, with a reduced rate or exemption for lower-priced buyer-occupied homes. Plan the structure before you sign, with a US tax advisor who knows your home country’s treaty position.

Things to Confirm Before You Choose

• Whether the developer’s contract allows the entity or trust you plan to use, and what it requires to assign or change the named buyer later
• Whether the structure affects your mortgage options, since lending terms differ for entity borrowers
• Florida documentary stamp tax on the deed and any transfer you make later
• Annual costs: entity filing fees, registered agent, tax returns and accounting
• Whether you intend to claim homestead, which rules out an LLC or corporation

This is general information, not legal or tax advice. Consult a Florida real estate attorney and a tax advisor before deciding how to take title. Last reviewed October 2026.

Next Steps

Read the Icon Beach FAQ, request the brochure or go back to the Icon Beach Residences Hollywood overview. Compare deposit structures at other projects on Miami Real Estate Trends.