Buyers beware: the process of buying a preconstruction condo from a developer can be far from transparent or smooth. Price lists for preconstruction condo units frequently change, the result being that buyers often end up paying significantly different prices for similar units in a building.

Fledgling projects are often reconfigured as they go along, with the number of apartments and floor plans changing. When these changes happen, buyers holding reservations can either accept the changes and pay more, or they can settle for a deposit refund with no interest.

“A reservation agreement is a means by which people can express interest in buying a unit. It’s not enforceable,” said a Miami attorney who often deals with condo sales. “Either side can cancel."

It is best to deal with a Licensed Realtor who you can trust. Serge Kay and his Team of professionals will help you through the transaction process and will be there to answer all your questions and ensure you are properly protected.

www.sergekay.com or email: team@sergekay.com