Buying a Florida Condo? Read the Building's Paperwork Before You Fall for the View

By Jorge R. Regalado, CEO — NEWLOANCO · Nov 9, 2026 · 6 min read

The view sells the condo. The paperwork decides whether it was a good buy. From Fort Lauderdale and Boca Raton to Naples and Melbourne, a Florida condo is two purchases at once: the unit you will live in, and a share of a building you will help pay to maintain. If the building is not healthy, the surprise shows up later — as a higher monthly fee or a special assessment you did not budget for.

1. What does the milestone inspection tell you?

After the Surfside collapse, Florida created milestone inspections for condominium and cooperative buildings of three or more habitable stories. In general, a building must complete one by December 31 of the year it turns 30 — sooner for some coastal buildings — and then every 10 years after, performed by a licensed architect or engineer. It examines load-bearing and primary structural systems and identifies needed repairs. Ask early: has this building completed its inspection, and what did it find? A completed inspection with a funded repair plan is very different from one pointing to major work with no plan to pay for it.

2. What is a SIRS, and why do reserves matter?

A structural integrity reserve study, or SIRS, is the building's savings plan for its biggest structural items — roof, structure, waterproofing, plumbing, electrical systems, and windows. Florida associations for buildings three stories or taller must complete a SIRS at least every 10 years, and for the items it covers, reserves can no longer simply be waived away by an owner vote. That protects buyers long-term, but fees in older buildings may rise to catch up. So in Palm Beach or Broward County, do not just ask what the fee is today. Ask whether reserves are funded to the study, and whether a catch-up increase has been discussed.

3. What do the budget, minutes, and estoppel show?

Three documents do most of the work. First, the current budget: what the fee covers, especially insurance, and how it has changed. Second, at least a year of board minutes — two is better — where projects, assessment discussions, and litigation appear before they become bills. Third, the estoppel certificate, the association's binding statement for that unit: the regular fee and paid-through date, delinquencies, transfer fees, open violations, and any special assessment already levied or scheduled. One caution: an assessment still only being discussed may not appear on the estoppel yet — why the minutes matter. On a Florida resale condo, the seller must provide the required documents, and buyers generally have seven days, excluding weekends and legal holidays, to cancel after receiving them if they were not provided well before signing. Use those days to read.

4. Why does your lender care about the building, too?

Because on a condo loan, the project is underwritten along with the borrower. Large unfunded repairs, heavy litigation, very low reserves, or one owner controlling too many units can make a unit harder to finance under some programs — sometimes described as non-warrantable — narrowing your options or requiring a larger down payment. That does not mean walk away. It means find out early, before you spend on inspections and appraisals. Two condos at the same price in Southwest Florida or on the Space Coast can be very different loans.

5. Can the right structure still make a condo work?

Often, yes. A seller credit can help offset a known near-term cost, and a temporary rate buydown can ease the first year or two of payments — both negotiated in the contract, not promised in advance. Some buyers may also qualify for down-payment help through Florida Housing or a county SHIP program, always subject to eligibility and funding availability; condo eligibility varies by program and building. The key is honest math: price, fee, insurance, and likely assessments together — not list price alone.

Let's review the building before you commit to the unit

Jorge R. Regalado, Principal Loan Originator, NMLS #1243458 · NEWLOANCO, NMLS #1369124 · 305-962-1170. Equal Housing Lender. This article is for general education only and is not a loan offer, rate quote, legal advice, or commitment to lend. All loans are subject to credit review, underwriting approval, and program eligibility. Assistance amounts, terms, income limits, and funding availability change and are confirmed at application.