What documents should I review before buying a condo in Florida?

What the seller must provide on a resale

Section 718.503(2) entitles a resale buyer, at the seller's expense, to current copies of:

• The declaration of condominium, articles of incorporation, and bylaws and rules
• The annual financial statement and annual budget
• The inspector-prepared summary of the milestone inspection report, if applicable
• The most recent structural integrity reserve study (SIRS), or a statement that the association hasn't completed one
• The report of any turnover inspection performed on or after July 1, 2023
• The Frequently Asked Questions and Answers sheet, plus a DBPR governance form explaining the board's and owners' rights and duties[1]

What to look for in each document

The declaration can include restrictions on the use, occupancy and transfer of units, so read it for leasing limits, occupancy rules and any association approval or right of first refusal. The Frequently Asked Questions and Answers sheet must summarize voting rights and use restrictions (including leasing), the assessment for each unit type, any mandatory recreation-facility fees, and court cases in which the association may face liability over $100,000. Associations must update it annually.

In the budget, check that reserves are funded for the roof, structure, fire protection, plumbing, electrical, waterproofing, and windows and exterior doors, because owners can't waive reserves for those SIRS items for budgets adopted on or after December 31, 2024. Any special assessment, line of credit or loan used to fund those reserves must be disclosed in the annual financial statement. In the SIRS and milestone summary, look at remaining useful lives, replacement costs and any substantial structural deterioration that requires repairs.[2][3][4][5]

The estoppel certificate and the association's website

The estoppel certificate must list regular and special assessments owed and scheduled, any capital contribution, resale or transfer fee, open rule violations noticed to the owner, whether board approval of the transfer is required and granted, whether a right of first refusal exists and was exercised, every other association the unit belongs to, and contacts for the association's insurance.

If the condominium has 25 or more units, its website must post the governing documents, 12 months of approved board minutes, budgets and financial reports, contracts and bids, inspection reports, the most recent SIRS, and building permits for ongoing or planned construction. Minutes and permits often point to upcoming projects and assessments.

Your 7-day cancellation period on a resale runs from signing and receiving the statutory documents if you didn't get them earlier, so start reading right away and ask a Florida real-estate attorney about anything unclear.[6][4][1]