When you buy a Florida condo, two reports now matter as much as the unit itself. One tells you what condition the building is in. The other tells you whether the association is saving enough money to keep it that way. Here is the short version, and a video that walks through it.

Two reports, two questions

After the Surfside collapse in 2021, Florida began requiring condo buildings three stories and taller to complete a milestone inspection and a structural integrity reserve study, usually shortened to SIRS. The milestone inspection is an engineer or architect's look at the building's structure, due by the end of the year the building turns 30 and every 10 years after that. The SIRS is the money side.

What the reserve study does

The study looks at the parts of the building that keep it standing and safe: the roof, the structure, fire protection, plumbing, electrical, waterproofing and exterior paint, and windows and exterior doors. For each one, it estimates how many years are left and what it will cost to repair or replace. Then it sets a funding plan, the amount the association should save each year so the money is there when each item wears out.

Think of it as a savings plan for the building. Either the association saves a little each year, or the bill lands on owners all at once.

What the law now requires of the budget

Owners can no longer vote to skip these reserves. For budgets adopted on or after December 31, 2024, an association that must have a SIRS cannot provide no reserves, or less than required, for the covered components, and the annual budget has to follow the study. A building that fell behind will show it in higher monthly fees, a special assessment, a loan the association pays back, or some combination.

The deadline is close. Under the statute, no SIRS may be completed after December 31, 2026. The 2026 legislative session did not change these rules.

What to ask before you make an offer

  • Is the reserve study done and current?
  • Does the budget follow the study's funding plan?
  • Does the actual reserve balance match what the plan says it should be today?
  • What do the last 12 months of board minutes say about special assessments, loans or major repairs?

Your documents once you are under contract

With the Florida Realtors/Florida Bar contract and its Condominium Rider, the seller must provide the declaration, articles, bylaws and rules, the latest financial statement and budget, the Q&A document and the state's governance form, plus the milestone inspection summary and the SIRS if the association has completed them. You can also request board and owner meeting minutes and insurance declaration pages. The rider gives you separate 7-day windows to cancel, excluding weekends and legal holidays, tied to when you receive those documents. Your attorney can confirm which windows apply to your deal.

If you own and plan to sell

Buyers and lenders ask about these documents early. Find out where your building stands before you list: whether the study is done, whether reserves match the plan, and whether an assessment is coming.

The full breakdown, including the funding plan, key dates and every document in the rider, is here: Florida Condo Laws and Reserve Requirements. For how lenders look at condo buildings, see my post on the new condo lending rules.

Looking at a specific building? Contact me before you make an offer and we will go through its documents together.

This post is general information, current as of October 2026, and is not legal, tax or financial advice. Consult a Florida-licensed attorney about your situation.