Licensed Florida real estate brokerage
How do I review a condo association's reserves and structural integrity reserve study before offering?
A straight answer from a licensed Florida real estate brokerage — then what you can check yourself and when to bring in a licensed professional. Free consultation: (954) 703-4504.
Ask the seller or listing agent, in writing, for the association's current budget, reserve schedule, structural integrity reserve study (SIRS), milestone inspection report, recent board and membership meeting minutes, and any notice of special assessment — then read them alongside your contract's condominium document delivery and inspection provisions before you commit. Florida requires a milestone structural inspection for condominium and cooperative buildings three stories or taller once they reach 30 years (s. 553.899, F.S.) and a structural integrity reserve study for condo associations with such buildings (s. 718.112(2)(g), F.S.), so for many older buildings those two reports exist and should be requested by name.
The nuance: a condominium resale contract can carry a statutory right to cancel for a short period after the required association documents are delivered, which means the clock on your review often starts at delivery rather than at signing. Make sure your contract states when documents are delivered and keep the delivery date in writing, because the document controls and missing it narrows your options.
Why this matters in Florida
Florida has a very large condominium inventory concentrated along the coasts and in urban cores, and a lot of it dates to the 1970s and 1980s boom. Older concrete buildings near salt air face structural repair, roof replacement and window or balcony work that has to be paid for by owners — through reserves, a loan the association takes, or a special assessment.
A SIRS puts numbers behind that: it identifies structural components and what the association should be setting aside for them. Reading it next to the budget and reserve schedule tells you whether the association is actually funding what the study says it needs, or whether the gap is likely to land on owners later.
Lenders and insurers care too. Deferred structural work, open milestone findings or unfunded reserves can affect financing on a unit and the association's master insurance, which in turn affects your monthly cost. That is why reserves belong in your due diligence at the same time as flood zone, insurability and inspection review.
What you can check yourself
The budget and reserve schedule
Look at which components are listed, how much is allocated to each, and whether reserves are funded or waived. Compare that list to the SIRS component list and note anything missing.
The SIRS and the milestone report
Ask the association or the seller for both by name, plus any engineer's repair recommendations. If a building three stories or taller is at or past 30 years and no milestone report exists, ask the association in writing why.
Board and membership meeting minutes
Minutes often reveal pending repair bids, assessment discussions and litigation before any of it reaches a formal notice. Read at least the most recent set available.
Assessment and estoppel information
Ask whether any special assessment has been levied, approved or discussed, and whether it is payable in installments. The estoppel certificate ordered through title confirms what is owed on the unit at closing.
The county property appraiser record
Confirm building age, number of stories and unit details with the county property appraiser, since those facts drive which inspection requirements apply.
When to bring in a licensed professional
Call us before you write the offer, not after. A licensed real-estate professional can build the document request into the contract, protect your inspection and condominium document review periods, and keep the delivery dates documented so your cancellation rights are not lost by accident.
For what a SIRS or milestone finding actually means structurally, bring in a licensed inspector or engineer. For how an assessment, a reserve waiver or an association's obligations apply to you legally, use a Florida real-estate attorney — we are a brokerage, not a law firm. Confirm master policy and unit coverage with your insurance agent, and confirm current requirements with the association itself.
Premier Real Estate Group Inc is a licensed Florida real estate brokerage (broker license BK3314523). Verify at Florida DBPR.
What a licensed real-estate professional will do
- Request the documents in writingWe ask the listing side and the association for the budget, reserve schedule, SIRS, milestone report, minutes and rules, and track the delivery date.
- Write the offer around your reviewWe draft the purchase contract with financing, inspection and condominium document provisions that give you room to review before you are locked in.
- Walk you through the association fileWe review condo and HOA documents with you, flag what to ask the board or your attorney, and explain the approval, interview and transfer-fee process.
- Coordinate lender, insurer and titleWe keep your lender, insurance agent and the closing agent moving together, including estoppel and lien work handled by the title company or closing attorney.
Related questions
- What if the association has no SIRS or milestone report?
- Ask the association in writing whether the building falls under those requirements and what the status is. If the building appears to qualify and nothing exists, treat that as an open item for your attorney and your inspector before your review period ends.
- Can I still buy a unit in a building facing a special assessment?
- Yes, buyers purchase in those buildings regularly. What matters is whether the assessment is known, how it is allocated between seller and buyer in your contract, and whether your lender and insurer are comfortable — all of which should be settled in writing before closing.
- Does the association have to approve me as a buyer?
- Many condominium and HOA associations require buyer approval and may hold an application or interview, and transfer fees can apply. We cannot promise an outcome, so build the approval step into your contract timeline.
- What does reviewing all this cost me?
- Costs depend on your contract terms, your lender, the association, your insurer, the title company and your county. Our consultation is free with no obligation — call (954) 703-4504 and a licensed professional will go through it with you.
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Licensed brokerage
Premier Real Estate Group Inc
Broker of record Maxim Bohadana, Florida broker license BK3314523
(954) 703-4504