Florida Condo Buying Checklist 2026: What You Must Know About Special Assessments, Milestone Inspections, and HOA Health
Florida condos are selling at deep discounts right now — but some of those discounted units are hiding six-figure liabilities that won’t show up in the listing description. Here’s how to tell the difference between a deal and a trap.
Florida’s condo market is the most complex buying environment in the state right now — and that complexity creates real opportunity for buyers who know what to look for. Since the 2021 Surfside collapse and the state laws that followed, every condo purchase in Florida carries a higher due diligence burden. Most buyers don’t know that burden exists until after they’ve already fallen in love with a unit.
I put this checklist together so you know exactly what to ask, what to request, and what the answers actually mean — before you make an offer, not after.
Critical timing note: In Florida, condo buyers receive a 3-business-day right of rescission after receiving the required condo documents (the “condo docs”). Review them immediately. Don’t let that window expire without reading the financials and any pending assessment notices. Your right to walk away at no cost expires when that window closes.
The Two Florida Laws Every Condo Buyer Must Understand in 2026
Following the Surfside tragedy in 2021, Florida passed sweeping condo safety and financial reform legislation. Two key requirements now directly affect buyers:
SB 4-D: Milestone Structural Inspection
Buildings 3 stories or taller that are 30+ years old (25+ years if within 3 miles of the coast) must complete a Phase 1 milestone inspection by a Florida-licensed engineer or architect. Phase 1 deadline was December 31, 2024. If substantial structural deterioration is found, a Phase 2 inspection and potential repairs are required. Buildings that haven’t completed this inspection — or have failed it — are a serious red flag. The cost of required repairs often becomes a special assessment.
SIRS: Structural Integrity Reserve Study
All condo associations with buildings 3+ stories must now complete a Structural Integrity Reserve Study (SIRS) and begin fully funding reserves based on its findings. The deadline for the first SIRS was December 31, 2024. A SIRS that shows severely underfunded reserves — particularly for roof, waterproofing, or structural components — means future assessments are likely. You are buying into that underfunding when you purchase the unit.
The Complete Florida Condo Due Diligence Checklist
Work through each section. Check items off as you complete them. A well-prepared buyer catches problems early — and either walks away clean or negotiates from a position of knowledge.
- Ask how many stories the building has and confirm the year it was built — determine if SB 4-D milestone inspection applies
- Request the completed Phase 1 Milestone Inspection report (required for 30+ year, 3+ story buildings)
- If Phase 1 found deterioration: confirm whether Phase 2 is complete and what repairs were required
- Request the completed SIRS (Structural Integrity Reserve Study) — confirm it was completed by Dec 31, 2024
- Review SIRS reserve funding levels — flag any component funded below 50% of recommended minimum
- Ask directly: “Are there any pending, approved, or anticipated special assessments for this building?”
- Request the estoppel letter — it legally discloses any current amounts owed by the unit being purchased
- Review meeting minutes from the last 2 years — look for any votes on or discussions about special assessments
- Confirm how any pending assessment will be handled at closing — paid by seller, or passed to buyer
- Request the most recent HOA budget — confirm monthly dues cover operating costs with no budget deficit
- Request the CPA-reviewed financial statements from the last 2 years
- Check reserves: what is the total funded vs. required reserve balance? Below 10% is a serious red flag.
- Ask what percentage of units are delinquent on HOA dues — above 15% can affect lender eligibility
- Confirm the HOA is not in active litigation — ask directly and check county court records
- Request the building’s master insurance certificate — confirm active, adequate coverage for common areas and structure
- Confirm whether the master policy is “bare walls in” or “all-in” — this determines how much interior coverage you need in your own HO-6 policy
- Get a quote for your own HO-6 (condo owner’s) policy before going under contract — budget $800–$2,500/year
- Check the building’s flood insurance (if applicable) — confirm it covers common areas and is current
- Confirm FHA condo approval status at hud.gov/program_offices/housing/sfh/apprlst (required if using FHA financing)
- Ask your lender to run a Fannie Mae Limited Review — confirm the project is eligible for conventional financing
- Check investor concentration: if more than 35% of units are investor-owned, the building may be ineligible for conventional loans
- Review HOA rules: rental restrictions, pet policies, parking rules, short-term rental prohibition
- Ask about planned fee increases — Florida’s new reserve funding requirements mean many HOAs are raising monthly dues
- Walk the building and common areas — look for deferred maintenance, construction in progress, or signs of water intrusion
Frequently Asked Questions About Buying a Condo in Florida
Don’t Buy a Florida Condo Without This Conversation First
I know Florida’s condo laws and I know what to look for in the financials before my clients ever make an offer. Let’s talk through your situation — free, no pressure.