Quick answer
Before buying a Florida condo, review the governing documents, budget, reserve study or SIRS, milestone inspection report, recent meeting minutes, and the estoppel certificate. On a resale, statutory disclosures come with a 3-business-day cancellation window after you receive the documents (15 days when buying from a developer).
Buying a Florida condominium is not like buying a house, and it is definitely not like renting an apartment. You are buying a unit, a share of a building, and a membership in a legal entity with the power to bill you. In the post-Surfside market, the difference between a well-run association and a neglected one shows up directly in what you will pay to live there. Here is the due diligence that protects you.
Key facts
- Sellers must provide statutorily required disclosures, including milestone inspection and SIRS information under Section 718.503, Florida Statutes.
- Review the declaration, bylaws, rules, budget, and the most recent reserve study before you are locked in.
- The estoppel letter tells you exactly what the unit owes the association at closing.
- Lenders increasingly review milestone reports and reserve funding; a troubled building can sink financing even when the buyer is strong.
Read the documents nobody reads
The declaration, articles, bylaws, and rules control what you can do with the unit, what you pay, and how disputes get resolved. Read the use restrictions, the rental limits, the pet rules, and, above all, the assessment and special assessment provisions. Then read the current budget and the most recent reserve study or SIRS. A building with funded reserves and a recent clean milestone report is a fundamentally different purchase from one with empty accounts and an overdue Phase 2.
The disclosures that now matter most
Florida law requires sellers to deliver milestone inspection and SIRS disclosures under Section 718.503. Ask for the milestone report itself, the SIRS, and the association’s responses to both. Ask whether any special assessments are levied, pending, or under discussion, and get the answer in writing through the estoppel process. The estoppel letter, prepared by the association, states what the unit owes: regular assessments, special assessments, fees, and any violations.
Financing has changed
Lenders and the secondary market now scrutinize building condition. Fannie Mae and Freddie Mac apply project eligibility standards, including investor concentration considerations, and loans have been denied because of a building’s deferred maintenance or reserve posture rather than the borrower’s credit. Before falling in love with a unit, have your lender confirm the building itself will pass review.
Price the building, not just the unit
Two identical units in neighboring buildings can be very different investments. The one in the association with honest reserves and current inspections costs more per month and less over a decade. Resale value follows building condition. The book’s Chapter 10 covers the full buying, selling, and renting process, and Chapter 5, on where the money goes, is the free sample below.
Common questions
What documents does the seller have to give me?
On a resale, s. 718.503 requires the declaration, articles, bylaws, rules, the most recent year-end financial information, the frequently asked questions and answers sheet, and, where applicable, milestone inspection and structural integrity reserve study disclosures.
What is an estoppel certificate?
A statement from the association showing the assessments and fees owed on the unit, any approved special assessments, and related account information. It tells you exactly what financial obligations follow the unit to closing.
Can I back out after seeing the documents?
Yes, within the statutory window: 3 business days after receiving the documents on a resale, 15 days on a developer sale. The clock starts when you receive the documents, which is why serious buyers request them early.
Related guides
This guide is educational, not legal or engineering advice. Statutes change and every building and declaration is different. Confirm how the law applies to your association with your attorney and a licensed professional. Figures current as of July 2026.