Why Florida condo buying changed
After the Champlain Towers South collapse in Surfside in June 2021, Florida rewrote its condo safety laws. SB 4-D (2022) created mandatory milestone inspections and structural reserve studies, and later bills, most recently HB 913 in 2025, adjusted the deadlines and details. For buyers, the result is more information about a building's condition and finances, and more ways a building's problems can affect your financing.
Milestone inspections
Condo and co-op buildings three stories or taller must have a structural milestone inspection by a licensed engineer or architect once the building reaches 30 years old, and every 10 years after that. Local governments can require the first one at 25 years based on local conditions such as proximity to salt water.
- Phase one is a visual inspection of the structure.
- Phase two is required if phase one finds substantial structural deterioration. It involves more invasive testing and a repair plan.
- Under HB 913, counties must require repairs to begin within 365 days of receiving a phase-two report.
Structural integrity reserve studies (SIRS)
Associations for buildings three stories or taller must also complete a structural integrity reserve study at least every 10 years. It covers the big-ticket items: roof, structure and load-bearing walls, fireproofing, plumbing, electrical, waterproofing and exterior painting, windows and exterior doors, and other items over $25,000 that affect the building's safety.
- Reserves for those items have to be funded. Owners can no longer vote to waive them.
- The deadline for existing associations was December 31, 2025, extended to December 31, 2026 when the SIRS is done together with a milestone inspection (DBPR).
- HB 913 lets an association that just finished a milestone inspection pause or reduce reserve contributions for up to two budget years, adopted on or before December 31, 2028, to pay for the repairs that inspection found.
What you get as a buyer
On a resale, Florida law (section 718.503) entitles you to these documents at the seller's expense:
- The declaration, articles, bylaws and rules.
- The most recent annual financial statement and budget.
- The inspector's summary of the milestone inspection report, if one is required.
- The most recent SIRS, or a statement that one hasn't been done.
- The Frequently Asked Questions and Answers sheet.
If you don't get them at least 7 business days before signing, you can cancel the contract within 7 days, excluding weekends and holidays, after you receive them. That right ends at closing. Use that window to read the documents.
What to look for in the documents
- Phase-two findings or open repairs. They usually mean a large special assessment is coming, if it isn't already.
- The reserve balance against the SIRS plan. Underfunded reserves mean higher dues ahead.
- Special assessments already approved or under discussion. Ask the association directly, and check board meeting minutes.
- The budget trend. Many Florida buildings have raised dues sharply as they catch up on reserves. Look at the last few years of budgets and plan for more increases.
- The insurance renewal. Master-policy premiums feed straight into dues.
How this affects your mortgage
- Building approval. Fannie Mae and Freddie Mac won't buy loans in buildings with critical repairs, significant deferred maintenance or unsafe conditions until those are fixed. Fannie Mae keeps a list of ineligible projects, and many Florida buildings have landed on it. FHA and VA have their own project approvals. The building can fail even when your credit is perfect.
- Non-warrantable options. If the building doesn't qualify, portfolio and non-QM condo loans can still work, usually with a larger down payment and a higher rate than a conventional condo loan. See warrantable vs. non-warrantable condo financing.
- Your monthly payment. Dues and any special assessment payment count in your debt-to-income ratio, so a $300 jump in dues can lower what you qualify for.
- Timing. The lender's condo questionnaire and project review take time. Order them as soon as you're under contract, and keep your financing contingency long enough to cover them.