8 Things To Ask For When Buying A Condo In Florida

Condo living in Florida is quite popular for several reasons. For example, it can be a more affordable option for having a residence in the Sunshine State; it requires less maintenance than a house and can provide general security features. While living in a condo has its advantages, if you are thinking of buying a condo in Florida, it is important to ensure that is solvent, compliant, properly managed, and well-maintained so you can enjoy living there.

The rule of thumb here is caveat emptor or buyer beware. Do your homework so when you buy, you do so with eyes wide open.

Below are eight important things to ask for if you are considering buying a Florida condo.

#1 – Are there any assessments currently or planned for ?

Assessments are levied against condos when the condominium needs to replace, repair, or maintain a common area item. Assessments can be levied for a variety of things. Examples of things for which a condo owner can be assessed are roof repairs, parking lot resurfacing, painting, or other common area maintenance. Assessments can also be levied if a condominium is liable to pay a judgment as the result of litigation.

#2 – Has the 40-year recertification been completed?

Condominiums that are 3 stories or more must undergo a 40-year inspection and recertification. Ask if it has been done and if so, were any assessments levied as a result? If not, when will it be completed? After the 40-year inspection a re-inspection must be performed every 10 years. If the building has not yet reached 30 years, a milestone inspection must be completed when the building turns 30.

Florida REALTORS® recently published an article detailing that condo sellers are now required to make one of the following as to inspections :

“Starting on January 1, 2025, contracts for the sale of a condominium require statements to be included in conspicuous type regarding the milestone inspection (Milestone), turnover inspection report (Turnover), and structural integrity reserve study (SIRS). There are three scenarios that require a statement:

1. If the Association is required to complete the Milestone, Turnover, and SIRS on or after July 1, 2023, and the Association has not completed them;
2. If the Association is not required to complete the Milestone, Turnover, and SIRS; or
3. If the Association is required to complete the Milestone, Turnover and SIRS on or after July 1, 2023, and the Association has completed them.

The law also states that a contract for the sale and purchase of a condo that does not meet these new requirements is voidable at the option of the buyer prior to closing. Thus, it is important for a seller to provide accurate answers to the buyer about these three documents as it pertains to these scenarios, so the buyer does not exercise their potential right to terminate the contract.”

#3 – Has the SIRS been done?

The SIRS is the Structural Integrity Reserve Study. This study is completed in order for the condo to prepare to levy for reserves for current and future maintenance items. For example, if a roof will need replacing in 10 years, the SIRS will suggest how much needs to be placed in reserve each year so that in 10 years the money is available to pay for the new roof. Maintaining adequate funds in reserve for maintenance items is now required by the state. This has caused monthly maintenance payments to go up in many condominiums where, in the past, the association was not collecting money for reserves.

#4 – How much money is in the reserves?

It is important to know how solvent the association is by discerning how much money they currently have in reserves. This could influence how much money you have to pay for monthly maintenance. Since the condo market is currently in flux, with many condominiums working to collect for reserves to meet legal compliance, it is important to get a clear idea of how much they already have and how much, if anything, you may be liable for in the future.

#5 – Ask for a copy of the budget and the last 12 months of meeting minutes.

It is one thing for someone to tell you there are sufficient reserves and another to actually know. Trust what they say, but verify it. The way to verify it is to get a copy of the budget.

Asking for the last 12 months of meeting minutes helps to discern if any assessments or items that could affect the monthly maintenance payment or other levy that could be placed against the condo have been discussed. Many condo owners don’t attend board meetings and don’t know what has been discussed. To ensure you know, ask for the meeting minutes.

#6 – Ask for a copy of the by-laws and the rules and regulations.

The word condominium is a composite word made up of the prefix con- which means joint or with, and the word domare, which means to live. So condominium literally means joint living. In order for joint living to work, there has to be a prescribed system of laws, rules and regulations. To make sure you will be able to live with the laws and rules that govern a condo you are considering, check out the by-laws and rules and regulations either ahead of time or during the inspection period.

#7 – Is the condo currently involved in any litigation?

Ask if the condo is involved in any litigation, as this could affect you as a future condo owner. You can also check for court cases in the court records system where the property is located, but make sure you get an assurance in writing if you move forward with the purchase of the property. In Florida, the Condo Rider and the Seller’s Condominium Property Disclosure allow for the current owner to disclose if there is any litigation. Please note the Condo Rider is required when purchasing a condominium; the Seller’s Condominium Property Disclosure is not, however, you can ask for it as part of the terms of the contract.

#8 – What are the requirements for residency, credit score and income?

Most condominiums in Florida have specific residency, credit, and income requirements. Some are fairly normal, but some are downright ludicrous. Make sure you check those ahead of time so as to not waste time trying to buy a place where you may not be approved because of one or more requirements.

Have more questions? Ask a local agent.

These are 8 very important things to ask for when considering any condo in Florida. This way you make your purchase with your eyes wide open.

If in reading this article other questions came up, contact an experienced local real estate agent for help navigating the wild world of Florida condominiums. Having the right agent by your side can help ensure you make the best decision and spend your money on a condo where it makes the most sense.