Villa Miami Escrow & Wire Transfer Process
Deposits are held in a Florida attorney or title-agent escrow account under Chapter 718 — never paid to the sales team. Here is exactly how each wire works.
Independent real-estate website · Inquiries handled by Kyle Gilligan · Same-day response
The Short Answer
Every Villa Miami deposit is wired to the developer's designated escrow account held by a Florida attorney or licensed title agent, as required by Florida's Condominium Act (Chapter 718). The first wire is 10% of purchase price at contract — $600,000 on a $6M Villa Mezzo residence. Funds never pass through the sales team or any brokerage account, and the escrow agent is named in writing in your purchase agreement.
The Deposit Schedule
- 10% at contract signing — wired within the period stated in the agreement, typically a few business days.
- 10% at 90 days from contract execution.
- 10% at six months from contract execution.
- 10% at 12 months from contract execution.
- 60% at closing, projected for 2027, together with closing costs.
That is 40% committed across construction and 60% at delivery. The full milestone detail is on the payment structure page and the deposit structure guide.
Who Holds the Money
Under Chapter 718, a Florida developer must place buyer deposits with an escrow agent — a licensed Florida attorney, title insurer or financial institution — under a written escrow agreement. The agent may release funds only as the statute and the agreement permit. You receive the escrow agreement as part of the contract package, and the agent's identity, bank and account are disclosed in writing. If anyone asks you to wire to a personal, brokerage or offshore account, stop and call your attorney.
Sending the Wire
Deposits are sent by domestic or international bank wire in U.S. dollars. Practical steps:
- Request instructions from the escrow agent directly, not from a forwarded email chain.
- Verbally verify the routing and account numbers by phone using a number you sourced independently.
- Send USD, not your local currency — currency conversion at the receiving bank can arrive short of the required amount and create a shortfall.
- Instruct "OUR" charges where your bank offers it, so correspondent fees are not deducted from the deposit.
- Reference the buyer name and residence number in the wire memo so escrow can post it correctly.
- Confirm receipt in writing from the escrow agent the same day.
Timing for International Buyers
A USD wire from a non-U.S. bank commonly takes one to three business days, and longer where a correspondent bank or an internal compliance review is involved. Deposit deadlines in the purchase agreement are firm dates, so initiate at least three business days early. Buyers sending from jurisdictions with currency controls should confirm approval before signing, not after. Related reading: the foreign buyer guide and international buyer guide.
Source of Funds and Compliance
The escrow agent and the receiving bank will run standard anti-money-laundering checks. Expect to provide identification, and for entity purchases, formation documents and beneficial-ownership detail. Where funds originate outside the United States, a source-of-funds letter from your bank is routine. Preparing these before contract avoids a missed deposit deadline.
Wire Fraud: The One Risk That Matters
Real-estate wire fraud is almost always an email problem, not a banking problem. Criminals monitor a compromised mailbox, then send altered instructions from a near-identical address at exactly the moment a deposit is due. The single effective safeguard is a voice call to a number you obtained independently, confirming the account digits before you release funds. No legitimate escrow agent will object to that call, and none will send you last-minute changes to account details by email.
After the Wire
You should receive written escrow confirmation, a fully executed purchase agreement, and a schedule of the remaining milestone dates. Keep that schedule — subsequent deposits are your responsibility to fund on time, and construction-period milestones arrive faster than most buyers expect. For what happens between contract and delivery, see the contract-to-closing checklist and the closing timeline. For what is due at the end, see closing costs.
Frequently Asked
Where do Villa Miami deposits go?
Deposits are wired to the developer's designated escrow account held by a Florida attorney or licensed title agent, in accordance with Florida condominium law (Chapter 718). Funds are not paid to the sales team, the brokerage or any individual. The escrow agent's name, bank and account details appear in the purchase agreement and the escrow agreement you receive with the contract package.
How much is the first wire?
10% of the purchase price at contract. On a $6M Villa Mezzo residence that is $600,000. The remaining schedule is 10% at 90 days, 10% at six months, 10% at 12 months, and 60% at closing, projected for 2027.
How long does an international wire take?
Plan on one to three business days for a USD wire from most international banks, longer where a correspondent bank or compliance review is involved. Because contract deposits are time-bound, initiate the wire at least three business days before the deadline rather than on the deadline itself.
Can I pay a deposit by check or credit card?
The first deposit is sometimes accepted by check drawn on a U.S. bank, but wire transfer is the standard and is required for the larger milestones. Credit cards are not accepted for deposits.
Are deposits refundable?
Florida law gives condominium buyers a 15-day rescission period after receiving the contract and the developer's prospectus, during which the deposit is refundable. After that window, deposits are generally non-refundable except as provided in the purchase agreement. Read the escrow and default provisions with your own attorney before wiring.
How do I avoid wire fraud?
Never act on wire instructions received by email alone. Call the escrow agent at a number you obtained independently — not one contained in the email — and verbally confirm the account and routing numbers before releasing funds. Wire fraud in real estate closings almost always begins with a spoofed or intercepted email containing altered instructions.
Ready to move forward? Book a private presentation at the Villa Miami Sales Gallery, review the floor plans, or see the current price list.
A limited collection of bayfront residences in Edgewater.
Contact us to learn more about current availability, floor plans, and pricing for specific residences at Villa Miami, 710 NE 29th Street, Edgewater.
Inquiries are handled by Kyle Gilligan. Typically a same-day response.