Buyer guide
What should I check before I buy a condo in South Florida?
Draft Draft. Mike and the broker check every legal point against the current statutes before launch.
Quick answer
Before you make an offer, read the building's structural integrity reserve study, its milestone inspection, the current budget, the last year of board minutes and the insurance policy. Together they tell you whether big repairs are coming, whether the association is saving for them, and what your monthly cost will really be.
At a glance
- Structural integrity reserve study (SIRS)
- Buildings 3+ stories, every 10 years
- Milestone inspection
- Buildings 3+ stories, at 30 years old, then every 10 years
- Reserves for SIRS items
- Can no longer be waived or reduced by owner vote
- Associations that reported a completed SIRS to DBPR
- 7,836 by Nov 30, 2025
Sources: Fla. Stat. 718.112(2)(g) and 553.899; Florida DBPR condominium reporting. Laws as amended through 2025.
What should I ask for before I tour?
Ask the listing agent for the monthly fee, what it includes, any approved or planned special assessments and the building's year built. Those four answers rule out a lot of buildings before you spend a Saturday on them.
- Monthly maintenance fee and what it covers
- Any approved or proposed special assessment
- Year built and number of stories
- Rental and pet rules, if they matter to you
Can I get a regular mortgage on this condo?
Not always. Fannie Mae and Freddie Mac won't buy loans in buildings with critical repairs, significant deferred maintenance or certain litigation. Lenders call those buildings non-warrantable. You can still buy, but usually with a bigger down payment and a different loan.
Ask your lender to check the building early, before your inspection period runs out.
What are the SIRS, the milestone inspection and reserves?
After the Surfside collapse in 2021, Florida added two requirements for condo buildings three stories or taller. The milestone inspection is a structural inspection by an engineer or architect by the end of the year the building turns 30, then every 10 years. The structural integrity reserve study (SIRS) lists the building's major parts, how long they'll last and how much to save each year to replace them.
Associations can no longer vote to waive or reduce reserves for the items in the SIRS. That's safer, and it is also why fees rose in many older buildings.
- Read the SIRS and compare it to the budget: is the association funding what the study recommends?
- Read the milestone inspection summary and ask which repairs are done and which are scheduled.
- If a large repair is coming and reserves are low, expect a special assessment.
Which HOA documents matter most?
In a resale, Florida law (Fla. Stat. 718.503) requires the seller to give you the governing documents and financial information, and gives you a short window after you receive them to cancel. Use it.
- Current budget and the most recent year-end financial statement
- Board meeting minutes for the last 12 months
- Any approved or proposed special assessments
- Declaration, bylaws and rules (rentals, pets, renovations)
- Insurance summary and deductibles
How do insurance and flood work in a condo?
The association's master policy covers the building. You buy an HO-6 policy for your interior, your belongings and your share of any assessment after a loss. If the building is in a high-risk flood zone and you have a mortgage, your lender will require flood insurance.
Ask for the master policy's deductible and renewal date. A large hurricane deductible can turn into an assessment after a storm.
What will it cost each month?
| Cost | What to ask | Where it's written |
|---|---|---|
| Maintenance fee | Amount, what it includes, last increase | Budget |
| Special assessment | Approved or planned, amount per unit, due dates | Board minutes, estoppel certificate |
| HO-6 insurance | Quote for your unit and the master policy's deductible | Your insurance agent, master policy summary |
| Flood insurance | Flood zone and whether your lender requires it | FEMA flood map, lender |
| Property taxes | Taxes reset after a sale; homestead caps future increases if you live there | Miami-Dade Property Appraiser |
| Closing costs | Title, lender, association application and estoppel fees | Loan estimate, association |
What happens from offer to closing?
- Offer with a condo rider and an escrow deposit
- Document review within the cancellation window
- Home inspection and insurance quotes during the inspection period
- Association application and approval, if the building requires it
- Appraisal and loan approval
- Final walk-through and closing
Checklist before you make an offer
- I have the budget, the SIRS and the milestone inspection summary
- I read the last 12 months of board minutes
- I know about every approved or planned special assessment
- My lender confirmed the building is eligible for my loan
- I have HO-6 and, if needed, flood insurance quotes
- I know the rental, pet and renovation rules
Questions people ask
Does a newer building need a reserve study?
Yes, if it's three stories or taller. Newer buildings usually have fewer repairs coming, but the study still sets what the association must save.
Who pays a special assessment approved before closing?
It depends on the contract. The condo rider and your negotiation decide it, so ask before you sign.
Can I back out after reading the documents?
In a resale, Florida gives you a short window after you receive the documents to cancel. Your contract sets the exact dates.
Sources
- Fla. Stat. 718.112(2)(g): structural integrity reserve studies
- Fla. Stat. 553.899: milestone inspections
- Fla. Stat. 718.503: disclosure to resale buyers
- Florida DBPR, Division of Condominiums: building reporting
Plan my search with Mike
Send me a building or a unit, and I'll tell you which documents to ask for first.
I usually reply within 15 minutes, 8 a.m. to 8 p.m., 7 days.