Can you cancel a contract on a brand-new Florida condo?

What the law says

• Developer contracts for a residential unit, or a lease of more than 5 years, must say the buyer may cancel in writing within 15 days after signing and receiving all required items (718.503(1)(a)1.).
• The buyer may also cancel within 15 days after getting any amendment that materially changes the offering in a way that hurts the buyer (718.503(1)(a)1.).
• Until the developer delivers the required documents, the buyer may void the contract and get the deposit back with interest as provided in 718.202 (718.503(1)(b)).
• The developer may not close for 15 days after signing and delivery of the documents unless the buyer is told about the 15-day period and agrees in writing to close sooner (718.503(1)(b)).
• The buyer may extend closing up to 15 days after receiving all required items, and any waiver of these rights has no effect (718.503(1)(a)1.).
• The contract must include a flood statement saying homeowners' insurance does not cover flood damage and whether the developer knows of flooding, filed a flood claim, or got flood help (718.503(1)(a)9.).
• Budget figures from the developer are estimates only, and actual costs may be higher (718.503(1)(a)1.).

“THIS AGREEMENT IS VOIDABLE BY BUYER BY DELIVERING WRITTEN NOTICE OF THE BUYER’S INTENTION TO CANCEL WITHIN 15 DAYS AFTER THE DATE OF EXECUTION OF THIS AGREEMENT BY THE BUYER”

718.503(1), Florida Statutes

Who this is for

Buying · For agents

Last checked against the official text on November 5, 2026. Laws change, and the official text always wins. This is general information, not legal advice. For your own situation, ask a Florida real estate attorney.