The Condo Documents to Request Before You Write an Offer
Before you make an offer on a South Florida condo, request nine things: the milestone inspection report, the structural integrity reserve study, the current budget and reserve schedule, the last twelve months of board minutes, the master insurance policy, the declaration and bylaws, the rules on leasing, the estoppel or resale package, and any recorded or pending special assessment.
Most buyers ask for three of those. The other six are where the expensive surprises live.
Why this list looks different than it did five years ago
Florida changed its condominium framework after Surfside. Two parallel requirements now apply to most condominium buildings of three habitable stories or more: a recurring structural milestone inspection, and a structural integrity reserve study that establishes what the building must set aside for major components.
HB 913, effective 1 July 2025, refined that framework further. It clarified the habitable stories standard so that floors used only for parking, storage or mechanical equipment do not count. It exempted certain four family dwellings. It also allowed associations that have completed a milestone inspection to delay their reserve study for up to two budget years in order to prioritise funding actual repairs.
That last provision is the one buyers need to understand, because it means the absence of a reserve study is no longer automatically a red flag. It might be a legitimate deferral. It might also be a building that has not dealt with either obligation. You cannot tell without asking.
What each document actually tells you
The milestone inspection report. Whether the structure has been assessed and what it needs. A phase two finding means the inspector identified deterioration requiring further evaluation or repair. Ask what repairs were identified and whether they have commenced.
The reserve study. What the building should be funding annually for roof, structure, waterproofing and similar components. Compare that recommended figure with what the budget actually collects. A gap between the two is a future special assessment with a delayed fuse.
The budget and reserve schedule. Current reserve balances against those obligations. A large building with a small reserve balance is telling you something plainly.
Twelve months of board minutes. This is the document buyers skip most often and regret most often. Minutes reveal the arguments. Litigation, disputed contractor bids, insurance renewal shocks and assessment discussions all appear here months before they appear anywhere else.
The master insurance policy. The premium, the deductible and how it has moved. Master policy increases reach you through monthly dues, not through your own bill.
The declaration, bylaws and leasing rules. What you are permitted to do with the property. If you have any intention of renting the unit, short term or long term, read the leasing restrictions before you read anything else.
The estoppel or resale package. The association's formal statement of what is owed on the unit and what is pending.
Any special assessment, recorded or under discussion. An assessment approved after you close is generally yours to pay, even if it was under discussion before you made your offer.
Reading reserves without an accounting background
You do not need to be an accountant. Take the reserve study's recommended annual contribution and compare it with the amount actually budgeted for reserves. If the association is funding meaningfully less than recommended, the shortfall does not disappear. It arrives later as an assessment, a loan, or a dues increase.
Then ask a straightforward question of the association or the listing agent: has the board discussed any assessment in the last twelve months, and what is the estimated cost of repairs identified in the milestone inspection? The answer, or the reluctance to give one, is informative either way.
Older buildings are cheaper for a reason, and sometimes that reason is manageable
Many 1970s and 1980s South Florida condo buildings have been trading well below their 2021 peaks. That discount is real, and for some buyers it represents genuine value. Whether it does for you depends entirely on whether the building has already funded and completed its structural obligations, or is still ahead of them.
A building that has completed its milestone inspection, priced the work and funded it is a very different proposition from a building that has done none of those things, even if the two units look identical on the listing.
Frequently asked questions
What documents should I ask for when buying a condo in Florida? The milestone inspection, reserve study, budget and reserve balances, twelve months of board minutes, master insurance policy, declaration and bylaws, leasing rules, estoppel package, and any pending or recorded special assessment.
Do I have to pay a special assessment on a condo I just bought? Generally yes if it is levied after closing. This is why identifying assessments under discussion, not merely those already recorded, matters before you write an offer.
What if the building has no reserve study? It may be a lawful deferral under HB 913 if a milestone inspection was completed, or it may indicate an association behind on both. Ask which.
Can I back out if the documents reveal a problem? That depends on your contract and your review period. Discuss timelines with your agent before you sign, because these windows are short.
