{"id":9772,"date":"2025-09-30T14:04:02","date_gmt":"2025-09-30T14:04:02","guid":{"rendered":"https:\/\/foliotitle.com\/?p=9772"},"modified":"2025-09-30T14:04:02","modified_gmt":"2025-09-30T14:04:02","slug":"tips-when-purchasing-in-a-condo","status":"publish","type":"post","link":"https:\/\/cloud.titletapsites.com\/foliotitle\/tips-when-purchasing-in-a-condo\/","title":{"rendered":"Tips for Condo Buyers in Florida: What You Need to Know"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"Buying a Condo in Florida? Here is what you need to know!\" width=\"1080\" height=\"608\" src=\"https:\/\/www.youtube.com\/embed\/hk8oiiu9fE0?feature=oembed\"  allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<p><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">Haga<a href=\"https:\/\/foliotitle.com\/consejos-e-informacion-clave-al-comprar-un-condominio-en-la-florida\/\">\u00a0clic aqu\u00ed<\/a> para leer los consejos e informaci\u00f3n clave al comprar un condominio en la Florida en espa\u00f1ol<\/span><\/p>\n<h2><span style=\"font-family: arial, helvetica, sans-serif\">Thinking about buying a condo in Florida?<\/span><\/h2>\n<p><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">Condo properties have always been an important driver of Florida\u2019s real estate market. Whether you&#8217;re a buyer, agent, broker, seller, or investor, it\u2019s critical to understand the legal and financial risks of purchasing a Condo \u2014especially with Florida\u2019s new condo laws that went into effect in July 2025. Missing key documents or disclosures can lead to unexpected costs, financing delays, or even a failed closing.\u00a0<\/span><\/p>\n<p><span style=\"font-family: arial, helvetica, sans-serif\"><span style=\"font-weight: 400\">In this blog, we break down the required documents, updated Condo Rider rules, and must-know due diligence tips to help you protect your investment and avoid costly surprises<\/span><span style=\"font-weight: 400\">.<\/span><\/span><\/p>\n<p><span style=\"font-family: arial, helvetica, sans-serif\"><i><span style=\"font-weight: 400\">Note: Most of the references to \u201cCondo Rider\u201d in this Blog, updated in August 2025, are in relation to the Florida Realtors \/ Florida Bar Condo Rider CR-7 Rev. 06\/2025<\/span><\/i><\/span><\/p>\n<h2><span style=\"font-family: arial, helvetica, sans-serif\"><b>Table of Contents:<\/b><\/span><\/h2>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">\ud83d\udcd1 What Are the Condo Docs?<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">\ud83c\udfd7\ufe0f What\u2019s New in Condo Regulations as of 2024\u20132025?<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">\ud83d\udd0e Buyer\u2019s Due Diligence Responsibility<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">\u2705 Buyer\u2019s Due Diligence Checklist<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2><span style=\"font-family: arial, helvetica, sans-serif\"><b>\ud83d\udcd1 What Are the Condo Docs?<br \/>\nHow do Buyers obtain these Condo Docs?<\/b><\/span><\/h2>\n<p><span style=\"font-family: arial, helvetica, sans-serif\"><b>Condo documents\u2014or \u201ccondo docs\u201d<\/b><span style=\"font-weight: 400\">\u2014are legal disclosures that give buyers a full picture of:<\/span><\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">how the condominium is governed;<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">what rules and fees apply;<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">and what potential liabilities exist.\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">Condo docs contain governing documents, budgets, insurance information, and reports on the building\u2019s financial and structural health.\u00a0<\/span><\/p>\n<p><span style=\"font-family: arial, helvetica, sans-serif\"><span style=\"font-weight: 400\">Florida law (See <\/span><b>Fla. Stat. \u00a7 718.503<\/b><span style=\"font-weight: 400\">) requires the Seller to provide these documents to the Buyer.\u00a0 As of July 1, 2025, the Buyer has seven business days to review the documents and may cancel the contract within that timeframe if they find something they\u2019re not comfortable with<\/span><\/span><\/p>\n<p><span style=\"font-family: arial, helvetica, sans-serif\"><span style=\"font-weight: 400\">Associations are required to make certain official records available to unit owners. Under <\/span><b>Fla. Stat. \u00a7\u202f718.111(12),<\/b><span style=\"font-weight: 400\"> associations must maintain a range of official records (declarations, bylaws, financials, FAQs, inspection reports, etc.) and make them available to unit owners or their authorized representatives at reasonable times and within 10 working days of a written request. This includes providing access electronically or via a website, where applicable\u202f.<\/span><\/span><\/p>\n<h3><span style=\"font-family: arial, helvetica, sans-serif\"><b>Required Condo Docs<\/b><\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-family: arial, helvetica, sans-serif\"><b>Declaration of Condominium <\/b><span style=\"font-weight: 400\">&#8211; describes how the building is organized. it defines the physical boundaries of each unit, allocates common elements, and establishes owner rights and obligations. Reviewing it confirms what owners actually own \u2014and what they share with neighbors.<\/span><\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-family: arial, helvetica, sans-serif\"><b>Articles of Incorporation of the Association<\/b><span style=\"font-weight: 400\"> &#8211; legal documents that establish the condo association as a nonprofit corporation, its name, purpose, and governance structure.<\/span><\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-family: arial, helvetica, sans-serif\"><b>Bylaws &amp; Rules of the Association<\/b><span style=\"font-weight: 400\"> &#8211; This document lays out how the association is governed \u2014 notice requirements, quorum, elections, budgeting. An accompanying Rules and Regulations schedule addresses daily matters such as pet policies, leasing, and use of amenities. Together they establish the operational framework you must comply with as an owner.\u201d<\/span><\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-family: arial, helvetica, sans-serif\"><b>Most Recent Financial Statements and Annual Budget <\/b><span style=\"font-weight: 400\">&#8211; Financial documents that show the financial health of the association and other critical indicators of potential special assessments. It details income, expenses, balances, insurance costs, operating deficits, and the projected budget for the upcoming year. It also must show the financial reserves the association has for future projects.<\/span><\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-family: arial, helvetica, sans-serif\"><b>Frequently Asked Questions and Answers (FAQ)<\/b><span style=\"font-weight: 400\"> &#8211; This is a required summary written in plain language that answers key questions for owners and prospective buyers such as<\/span><\/span>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">\u00a0monthly fees<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">resale restrictions<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">rental policies<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">what\u2019s included in the standard assessments<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">parking restrictions<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">Visitor rules<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">voting rights<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">pet rules.<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400\"><span style=\"font-family: arial, helvetica, sans-serif\"><b>Governance Form<\/b><span style=\"font-weight: 400\"> &#8211; This is a state mandated form that outlines how the association works, board responsibilities, dispute-resolution procedures, and the rights of the unit owners.<\/span><\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">\ud83d\udccc If the Sellers do not have a complete package of the Condo Docs, the Association usually charges a fee to obtain the documents. This fee should be paid for by the Sellers.<\/span><\/p>\n<h3><span style=\"font-family: arial, helvetica, sans-serif\"><b>Additional Documents in Condo Transactions<\/b><\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-family: arial, helvetica, sans-serif\"><b>Condominium Estoppel<\/b><span style=\"font-weight: 400\"> &#8211; A Condo Estoppel is a legal statement issued by a condominium association that confirms whether the seller owes any outstanding dues, fees, or violations. It\u2019s required for every condo resale closing in Florida to disclose all financial obligations associated with the unit to protect the buyer and lender from hidden debts. <\/span><span style=\"font-weight: 400\"><br \/>\n<\/span><span style=\"font-weight: 400\"><br \/>\n<\/span><span style=\"font-weight: 400\">By Florida law <\/span><b>(Fla. Stat. \u00a7 718.116(8))<\/b><span style=\"font-weight: 400\">, the estoppel certificate must include:<\/span><\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-family: arial, helvetica, sans-serif\"><b>Outstanding balances<\/b><span style=\"font-weight: 400\"> owed by the unit owner (including monthly dues, late fees, fines, etc.)<\/span><\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-family: arial, helvetica, sans-serif\"><b>Current assessment amount<\/b><span style=\"font-weight: 400\">, due dates, and payment frequency<\/span><\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-family: arial, helvetica, sans-serif\"><b>Special assessments<\/b><span style=\"font-weight: 400\"> (pending or approved)<\/span><\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-family: arial, helvetica, sans-serif\"><b>Transfer fees<\/b><\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-family: arial, helvetica, sans-serif\"><b>Upcoming changes<\/b><span style=\"font-weight: 400\"> to regular assessments (within 12 months)<\/span><\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-family: arial, helvetica, sans-serif\"><b>Association contact details and signature<\/b><\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><span style=\"font-family: arial, helvetica, sans-serif\"><span style=\"font-weight: 400\">The association must provide the estoppel within 10 business days of receiving a written request. Some offer \u201crush\u201d processing within 3 business days for an additional fee. Once issued, the estoppel is valid for 30 days. <\/span><span style=\"font-weight: 400\"><br \/>\n<\/span><span style=\"font-weight: 400\"><br \/>\n<\/span><span style=\"font-weight: 400\">Typically, the seller pays for the estoppel (as per contract). If the Seller is represented by an attorney, the Seller\u2019s attorney usually orders the estoppel; otherwise, the title company or closing agent will order the estoppel so that it arrives within a few days of closing, so the financial information contained in the estoppel can be added to the Closing or Settlement Statement.<\/span><\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-family: arial, helvetica, sans-serif\"><b>Condominium Questionnaire<\/b><span style=\"font-weight: 400\"> &#8211; This is not part of the standard condo documents listed in the Condo Rider, but it\u2019s usually required by the lender when the buyer is getting a mortgage. The lender sends this form to the condo association to confirm things like owner-occupancy rates, reserve funds, insurance, and any lawsuits. If the answers raise concerns, the condo might not qualify for conventional financing\u2014so it\u2019s important the questionnaire is completed accurately and on time.<\/span><\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2><span style=\"font-family: arial, helvetica, sans-serif\"><b>\ud83c\udfd7\ufe0f What\u2019s New in Condo Regulation and the Condo Rider as of 2024\u20132025?<\/b><\/span><\/h2>\n<p><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">As of December 2024, the Florida Realtors \/ Florida Bar Condo Rider also requires the Seller to provide:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-family: arial, helvetica, sans-serif\"><b>Milestone Inspection Report<\/b><span style=\"font-weight: 400\"> &#8211; A safety inspection required when a condominium building with three or more habitable stories reaches 30 years of age. If the building is located within 3 miles of saltwater, the local enforcement agency may require the first inspection at 25 years, followed by inspections every 10 years. This inspection checks for structural issues that could pose safety risks and helps ensure the building remains in safe structural condition. The report identifies structural deterioration and classifies repairs as Phase\u202fI (visual) or Phase\u202fII (detailed). Findings often determine whether immediate funding is required.<\/span><\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-family: arial, helvetica, sans-serif\"><b>Structural Integrity Reserve Study (SIRS)<\/b><span style=\"font-weight: 400\"> &#8211; evaluates the long\u2011term maintenance costs of critical structural components\u2014roof, load\u2011bearing walls, plumbing\u2014now mandatory for buildings with three or more habitable stories. It projects reserve funding needs and must be updated at least every ten years..<\/span><\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-family: arial, helvetica, sans-serif\"><b>Turnover Report <\/b><span style=\"font-weight: 400\">&#8211; A set of important records that the developer must hand over to the unit owners when control of the condo shifts from the developer to the association.<\/span><\/span><\/li>\n<\/ul>\n<h3><span style=\"font-family: arial, helvetica, sans-serif\"><b>1. Milestone Inspection Report (Fla. Stat. \u00a7 553.899)<\/b><\/span><\/h3>\n<p><span style=\"font-family: arial, helvetica, sans-serif\"><b>When It <\/b><b><i>IS<\/i><\/b><b> Required:<\/b><\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-family: arial, helvetica, sans-serif\"><span style=\"font-weight: 400\">The condo building is <\/span><b>3 or more stories<\/b><span style=\"font-weight: 400\"> AND:<\/span><\/span>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-family: arial, helvetica, sans-serif\"><span style=\"font-weight: 400\">The building has reached <\/span><b>30 years old<\/b><span style=\"font-weight: 400\"> (or <\/span><b>25 years old<\/b><span style=\"font-weight: 400\"> if it&#8217;s within 3 miles of the coast).<\/span><\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">The date for the inspection deadline has passed or is imminent.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><span style=\"font-family: arial, helvetica, sans-serif\"><b>When It\u2019s <\/b><b><i>NOT<\/i><\/b><b> Required:<\/b><\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-family: arial, helvetica, sans-serif\"><span style=\"font-weight: 400\">The building is <\/span><b>less than 3 stories<\/b><span style=\"font-weight: 400\">, OR<\/span><\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">The building hasn\u2019t reached the applicable age threshold (30 or 25 years), OR<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">It has recently been inspected and isn\u2019t due for another 10 years.<\/span><\/li>\n<\/ul>\n<h3><span style=\"font-family: arial, helvetica, sans-serif\"><b>2. Turnover Inspection Report (Fla. Stat. \u00a7 718.301(4)(p) &amp; (q))<\/b><\/span><\/h3>\n<p><span style=\"font-family: arial, helvetica, sans-serif\"><b>When It <\/b><b><i>IS<\/i><\/b><b> Required:<\/b><\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-family: arial, helvetica, sans-serif\"><span style=\"font-weight: 400\">The condo was <\/span><b>turned over from developer control to unit owners<\/b> <b>on or after July 1, 2023<\/b><span style=\"font-weight: 400\">.<\/span><\/span><\/li>\n<\/ul>\n<p><span style=\"font-family: arial, helvetica, sans-serif\"><b>When It\u2019s <\/b><b><i>NOT<\/i><\/b><b> Required:<\/b><\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-family: arial, helvetica, sans-serif\"><span style=\"font-weight: 400\">The turnover happened <\/span><b>before July 1, 2023<\/b><span style=\"font-weight: 400\">.<\/span><\/span><\/li>\n<\/ul>\n<h3><span style=\"font-family: arial, helvetica, sans-serif\"><b>3. Structural Integrity Reserve Study (Fla. Stat. \u00a7\u00a7 718.103(28), 718.112(2)(g))<\/b><\/span><\/h3>\n<p><span style=\"font-family: arial, helvetica, sans-serif\"><b>When It <\/b><b><i>IS<\/i><\/b><b> Required:<\/b><\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-family: arial, helvetica, sans-serif\"><span style=\"font-weight: 400\">The building is <\/span><b>3 or more stories<\/b><span style=\"font-weight: 400\">, AND<\/span><\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-family: arial, helvetica, sans-serif\"><span style=\"font-weight: 400\">The association is required to have one completed by <\/span><b>December 31, 2025<\/b><span style=\"font-weight: 400\">, if not already done.<\/span><\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-family: arial, helvetica, sans-serif\"><span style=\"font-weight: 400\">After that, it must be updated <\/span><b>at least every 10 years<\/b><span style=\"font-weight: 400\">.<\/span><\/span><\/li>\n<\/ul>\n<p><span style=\"font-family: arial, helvetica, sans-serif\"><b>When It\u2019s <\/b><b><i>NOT<\/i><\/b><b> Required:<\/b><\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-family: arial, helvetica, sans-serif\"><span style=\"font-weight: 400\">The building is <\/span><b>less than 3 stories<\/b><span style=\"font-weight: 400\">, OR<\/span><\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-family: arial, helvetica, sans-serif\"><span style=\"font-weight: 400\"><span style=\"font-weight: 400\"><span style=\"font-weight: 400\">The association is not yet due (i.e., it\u2019s before the 2025 deadline), especially if it\u2019s already planning to complete one.<\/span><\/span><\/span><span style=\"font-weight: 400\"><span style=\"font-weight: 400\"><span style=\"font-weight: 400\"><br \/>\n<\/span><\/span><\/span><\/span><\/li>\n<\/ul>\n<p><span style=\"font-family: arial, helvetica, sans-serif\"><b>Summary for Real Estate Agents:<\/b><\/span><\/p>\n<table>\n<tbody>\n<tr>\n<td><span style=\"font-family: arial, helvetica, sans-serif\"><b>Report<\/b><\/span><\/td>\n<td><span style=\"font-family: arial, helvetica, sans-serif\"><b>Required If&#8230;<\/b><\/span><\/td>\n<td><span style=\"font-family: arial, helvetica, sans-serif\"><b>Not Required If&#8230;<\/b><\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-family: arial, helvetica, sans-serif\"><b>Milestone Inspection<\/b><\/span><\/td>\n<td><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">3+ stories &amp; building has reached 30 (or 25) years<\/span><\/td>\n<td><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">&lt;3 stories or under age threshold<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-family: arial, helvetica, sans-serif\"><b>Turnover Report<\/b><\/span><\/td>\n<td><span style=\"font-family: arial, helvetica, sans-serif\"><span style=\"font-weight: 400\">Turnover occurred <\/span><b>on\/after July 1, 2023<\/b><\/span><\/td>\n<td><span style=\"font-family: arial, helvetica, sans-serif\"><span style=\"font-weight: 400\">Turnover occurred <\/span><b>before July 1, 2023<\/b><\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-family: arial, helvetica, sans-serif\"><b>Structural Reserve Study<\/b><\/span><\/td>\n<td><span style=\"font-family: arial, helvetica, sans-serif\"><span style=\"font-weight: 400\">3+ stories; required by <\/span><b>Dec. 31, 2025<\/b><\/span><\/td>\n<td><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">&lt;3 stories or before compliance deadline<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<hr \/>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">As of July 1, 2025, Buyers may also request:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-family: arial, helvetica, sans-serif\"><b>Board meeting minutes and agendas for the last 12 months<\/b><span style=\"font-weight: 400\"> &#8211; Meeting records provide the official history of board decisions on budgets, litigation, and assessments. New legislation now requires associations with 25\u202funits or more to post these minutes online within 30\u202fdays, offering buyers transparent insight into upcoming financial obligations. <\/span><i><span style=\"font-weight: 400\">\u26a0 These are crucial documents for a Buyer\u2019s due diligence, especially for the Buyer to search and discover any pending or possible future special assessments.<\/span><\/i><\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-family: arial, helvetica, sans-serif\"><b>Member meeting minutes and agendas for the last 12 months<\/b><span style=\"font-weight: 400\"> &#8211; These documents record membership votes on material changes\u2014assessment approvals, borrowing resolutions, or rule amendments. Reviewing them indicates owner sentiment and financial risk that may not yet appear in board minutes.<\/span><\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-family: arial, helvetica, sans-serif\"><b>Insurance declaration page<\/b><span style=\"font-weight: 400\"> &#8211; Lenders require evidence of adequate property, wind, and\u2014if applicable\u2014flood coverage. The Declaration Page states policy limits, deductibles, and carrier ratings, demonstrating that collateral is properly insured.<\/span><\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">\ud83d\udccc The Buyer has 7 business days to review all of the above from the date they are received and can cancel within that period.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2><span style=\"font-family: arial, helvetica, sans-serif\"><b>\ud83d\udcb0 Special Assessments 2025: Who Pays for What?<\/b><\/span><\/h2>\n<p><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">Condominium associations can impose special or additional assessments to cover major repairs, upgrades, or funding shortfalls. Whether the Buyer or Seller pays depends on the agreed upon language in the Contract and its addenda.\u00a0<\/span><\/p>\n<p><span style=\"font-family: arial, helvetica, sans-serif\"><span style=\"font-weight: 400\">With the changes to the <\/span><i><span style=\"font-weight: 400\">Florida Realtors \/ Florida Bar Condo Rider CR-7 Rev. 06\/2025<\/span><\/i><span style=\"font-weight: 400\"> in July 2025, who pays for the Special Assessments is negotiated based on two factors:<\/span><\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">When the assessment was levied<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">If the Association allows for payments in installments after Closing<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">Here\u2019s a breakdown of the Florida Realtors \/ Florida Bar Condo Rider CR-7 Rev. 06\/2025, Paragraph 3(c) Note: all Buyers and Sellers should consult an attorney for legal advice.<\/span><\/p>\n<ul>\n<li>\n<h4><span style=\"font-family: arial, helvetica, sans-serif\"><b>3(c)(i). If the Assessment Was Levied Before the Effective Date:<\/b><\/span><\/h4>\n<\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">The party selected in the contract\u2014either Buyer or Seller\u2014must pay it in full at or before closing.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">If no option is selected, the default is that the Seller pays.<\/span><\/li>\n<li>\n<h4><span style=\"font-family: arial, helvetica, sans-serif\"><b>3(c)(ii). If the Assessment Is Levied After the Effective Date but Before Closing:<\/b><\/span><\/h4>\n<\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">The selected party is responsible for full payment before or at closing.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">If no option is selected, the default is that the Seller pays.<\/span><\/li>\n<\/ul>\n<ul>\n<li>\n<h4><span style=\"font-family: arial, helvetica, sans-serif\"><b>3(c)(iii). If the Assessment Can Be Paid in Installments after Closing:<\/b><\/span><\/h4>\n<\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">Sellers must pay all installments due on or before the Closing Date.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">Remaining installments due after closing are paid by the Buyer or Seller, depending on the selection in this paragraph.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">If no option is selected, by default, the Buyer is responsible to pay the assessments after Closing.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">If the Association does not allow the Buyer to assume future installments, then the Seller must pay the full amount before or at closing\u2014regardless of the contract selection.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">\u26a0 This clause is very important for Buyers to understand. Many Buyers assume if the Seller is willing to pay any assessments levied before the Effective Date at Closing in Condo Rider paragraph 3(c)(i), that it\u2019s a done deal. However, this paragraph 3(c)(iii) means if the Association allows for payments in installments after closing, and if Buyer is selected (by checking the box or by default when the box is unchecked), the Buyer would likely be responsible for the full value of that assessment, payable in installments, after Closing. This is why it is important that all real estate agents have a good understanding of these clauses in their negotiations, and that Buyers and Sellers consult an attorney for any questions they may have before they sign a contract.<\/span><\/li>\n<\/ul>\n<h3><span style=\"font-family: arial, helvetica, sans-serif\"><b>4. When Is an Assessment Considered \u201cLevied\u201d?<\/b><\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">An assessment is officially &#8220;levied&#8221; when it has been approved in accordance with Florida law and the condo\u2019s governing documents.<\/span><\/li>\n<\/ul>\n<h3><span style=\"font-family: arial, helvetica, sans-serif\"><b>5. Seller Disclosure Obligation:<\/b><\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">The Seller must disclose any special assessments that they are aware of that have been levied or even discussed at Board meetings during the past 12 months, including the purpose and amount, if known.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2><span style=\"font-family: arial, helvetica, sans-serif\"><b>\ud83d\udd0e Buyer\u2019s Due Diligence Responsibility<\/b><\/span><\/h2>\n<p><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">While Sellers are required to disclose known assessments, Buyers are ultimately responsible for discovering any pending or discussed assessments during their due diligence period. This is why it is critical that buyers obtain and review the last 12 months of Board and Member meeting minutes and agendas, amongst other due diligence, where upcoming or proposed assessments are often discussed before they are officially levied.<\/span><\/p>\n<p><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">Failing to uncover this information could result in unexpected financial obligations after closing. \ud83d\udea9 Buyers should always seek legal counsel on contracts and addenda language.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2><span style=\"font-family: arial, helvetica, sans-serif\"><b>\u2705 Buyer\u2019s Due Diligence Checklist<\/b><\/span><\/h2>\n<h4><span style=\"font-family: arial, helvetica, sans-serif\">Here\u2019s some additional areas that smart buyers (and their agents) should investigate when purchasing a Condo in Florida:<\/span><\/h4>\n<h3><span style=\"font-family: arial, helvetica, sans-serif\"><b>\ud83d\udcb5 Financial Health of the Association<\/b><\/span><\/h3>\n<p><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">Understanding the financial condition of the condominium association is critical to assessing the long-term affordability and risk of owning in the building. Ask the following:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">Are there adequate reserves? If so, how much is currently available, and how does this compare to the estimated cost of upcoming capital repairs?<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">Are there pending or planned special assessments? Buyers should carefully review the minutes and agendas of recent Board and Member meetings (12 months) to identify potential risks.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">What do the financial statements and annual budget reveal about the Association\u2019s cash flow and operating health?<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">Are there required repairs identified in the Milestone Inspection Report (MIR) or Structural Integrity Reserve Study (SIRS)? What is the estimated cost?<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">If there are upcoming repairs, does the Association provide a Sufficient Funds Affidavit, affirming that there is enough money to complete the work without additional special assessments?<\/span><\/li>\n<\/ul>\n<h3><span style=\"font-family: arial, helvetica, sans-serif\"><b>\ud83c\udfd7\ufe0f Building Repairs &amp; Safety<\/b><\/span><\/h3>\n<p><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">Repairs and structural issues in condo buildings can lead to unexpected assessments or risks. Review the following:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-family: arial, helvetica, sans-serif\"><span style=\"font-weight: 400\">What kind of <\/span><b>repair or maintenance work<\/b><span style=\"font-weight: 400\"> is currently underway or planned in the building\u2019s <\/span><b>common elements<\/b><span style=\"font-weight: 400\">?<\/span><\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-family: arial, helvetica, sans-serif\"><span style=\"font-weight: 400\">Are any of the repairs required by <\/span><b>county-mandated recertifications<\/b><span style=\"font-weight: 400\">, or are they identified in the <\/span><b>MIR<\/b><span style=\"font-weight: 400\"> or <\/span><b>SIRS<\/b><span style=\"font-weight: 400\">?<\/span><\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-family: arial, helvetica, sans-serif\"><span style=\"font-weight: 400\">How will the repairs be funded: through <\/span><b>existing reserves<\/b><span style=\"font-weight: 400\">, a <\/span><b>budgeted line item<\/b><span style=\"font-weight: 400\">, or <\/span><b>special assessments<\/b><span style=\"font-weight: 400\"> already in place?<\/span><\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-family: arial, helvetica, sans-serif\"><span style=\"font-weight: 400\">Has the <\/span><b>cost of repairs<\/b><span style=\"font-weight: 400\"> been confirmed, and is there a risk of additional future assessments?<\/span><\/span><\/li>\n<\/ul>\n<h3><span style=\"font-family: arial, helvetica, sans-serif\"><b>\ud83d\ude97 Parking, Storage &amp; Common Elements<\/b><\/span><\/h3>\n<p><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">Parking and storage rights can vary widely and may not automatically transfer with the unit.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-family: arial, helvetica, sans-serif\"><span style=\"font-weight: 400\">What <\/span><b>parking spaces<\/b><span style=\"font-weight: 400\"> and <\/span><b>storage units<\/b><span style=\"font-weight: 400\">, if any, are included with the unit?<\/span><\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-family: arial, helvetica, sans-serif\"><span style=\"font-weight: 400\">Are the spaces <\/span><b>assigned to the unit<\/b><span style=\"font-weight: 400\"> or <\/span><b>reassigned at Closing<\/b><span style=\"font-weight: 400\">?<\/span><\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-family: arial, helvetica, sans-serif\"><span style=\"font-weight: 400\">Does the condo association have the <\/span><b>spaces and units correctly recorded in its database<\/b><span style=\"font-weight: 400\">?<\/span><\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-family: arial, helvetica, sans-serif\"><span style=\"font-weight: 400\">Does the Seller <\/span><b>currently use and possess<\/b><span style=\"font-weight: 400\"> the parking or storage spaces being advertised?<\/span><\/span><\/li>\n<\/ul>\n<h3><span style=\"font-family: arial, helvetica, sans-serif\"><b>Resources<\/b><\/span><\/h3>\n<p><span style=\"font-family: arial, helvetica, sans-serif\"><a href=\"https:\/\/drive.google.com\/file\/d\/1BukUBNU6Flc7dklvML68yKMK9-cAg_5a\/view?usp=sharing\" target=\"_blank\" rel=\"noopener\">You can download a sample receipt of condominium documents by clicking here.<\/a><\/span><\/p>\n<p>https:\/\/www.miamirealtors.com\/condos\/documents-sellers-must-provide\/<\/p>\n<p><span style=\"font-family: arial, helvetica, sans-serif\">At FOLIO, we help Buyers, Sellers, Investors, and Real Estate Agents navigate the condo market and close condominium transactions every day. If you need any help, please reach out to us to welcome@foliotitle.com or call us to 786-888-6640.<\/span><br \/>\n<span style=\"font-family: arial, helvetica, sans-serif\">For the latest content, please subscribe to our <a href=\"https:\/\/www.youtube.com\/@foliotitle\">Youtube Channel<\/a><\/span><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Haga\u00a0clic aqu\u00ed para leer los consejos e informaci\u00f3n clave al comprar un condominio en la Florida en espa\u00f1ol Thinking about buying a condo in Florida? Condo properties have always been an important driver of Florida\u2019s real estate market. Whether you&#8217;re a buyer, agent, broker, seller, or investor, it\u2019s critical to understand the legal and financial [&hellip;]<\/p>\n","protected":false},"author":49,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[37,30,34],"tags":[],"class_list":["post-9772","post","type-post","status-publish","format-standard","hentry","category-condo","category-english","category-purchasing"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Tips for Condo Buyers in Florida: What You Need to Know - Doral, FL Title Company | Folio Title LLC<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cloud.titletapsites.com\/foliotitle\/tips-when-purchasing-in-a-condo\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tips for Condo Buyers in Florida: What You Need to Know - Doral, FL Title Company | Folio Title LLC\" \/>\n<meta property=\"og:description\" content=\"Haga\u00a0clic aqu\u00ed para leer los consejos e informaci\u00f3n clave al comprar un condominio en la Florida en espa\u00f1ol Thinking about buying a condo in Florida? 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