Buying a Condo in Florida: A Step-by-Step Guide for South Florida Buyers (2026)

By LPE Realty Editorial Team

A condo purchase is two decisions: the unit, and the association you are joining. This guide walks a South Florida buyer through both, in the order they come up, using the 2026 Florida Statutes.

Buying a condo in Florida, step by step

Steps 1 and 2: budget and pre-approval

A condo’s carrying cost is set partly by people you have not met yet: the board that adopts the budget. For budgets adopted on or after December 31, 2024, owners in a building that must have a SIRS can no longer vote to waive or cut reserves for the structural items the study covers (s. 718.112(2)(f), F.S.), so those reserves now flow through regular assessments. Ask for the budget, financial statement and any special assessments before you set a price range. Our comparison of a luxury condo and a single-family home sets out how to compare the two on total cost, and our guide to Florida closing costs in Palm Beach County covers what you pay at the table.

When you apply for pre-approval, give the lender the building’s name and address. Lenders that sell loans to Fannie Mae must confirm the project itself meets Fannie Mae’s eligibility standards, in addition to underwriting you and appraising the unit (Selling Guide B4-2.1-01). That review can rule out a building, so it belongs at the start, not the end.

Step 4: the offer and the condominium rider

If your contract is the Florida Realtors/Florida Bar residential contract, the condominium terms sit in its Condominium Rider (Rider A, form CR-7), which was revised in 2025 for the 7-day review periods. Five parts of it deserve a careful read before you sign:

Our guides to preparing an offer and to what an as-is contract means in Florida cover the rest of the contract.

Step 5: the documents you receive and your 7-day right to cancel

Under s. 718.503(2)(a), F.S., a resale buyer who has signed a contract is entitled, at the seller’s expense, to current copies of the declaration of condominium, the articles of incorporation, the bylaws and rules, the annual financial statement and annual budget, the inspector-prepared summary of the milestone inspection report if applicable, the most recent SIRS or a statement that none has been completed, any turnover inspection report for a turnover inspection on or after July 1, 2023, and the “Frequently Asked Questions and Answers” sheet. The seller also owes you the state’s governance form, which summarizes how the board operates and what owners can do (s. 718.503(2)(b)).

The contract must give you one of two protections. Either you acknowledge receiving those documents more than 7 days, excluding Saturdays, Sundays and legal holidays, before signing, or the contract is voidable by your written notice within 7 such days after you sign and receive them. You may extend closing by up to 7 such days after receiving them, any waiver has no effect, and the right ends at closing (s. 718.503(2)(d)). A parallel clause covers the milestone summary, turnover report and SIRS (s. 718.503(2)(e)); our milestone inspection and SIRS guide explains that clause and the structural rules behind it.

An association managing a condominium of 25 or more units must post the declaration, bylaws, rules, budget, 12 months of approved board minutes, inspection reports and the most recent SIRS on a website or app with an owners-only section (s. 718.111(12)(g)). Ask the seller to pull them before you offer.

Condo document checklist for buyers

Document	What to look for	Source of the right
Declaration of condominium and amendments	Use, leasing, pet and transfer restrictions; approval and first refusal rights; what the unit owner must maintain	s. 718.503(2)(a)1.; s. 718.104(5)
Articles, bylaws and rules	Voting, meeting rules, rental and renovation rules	s. 718.503(2)(a)2.-3.
Annual financial statement and annual budget	Reserve lines, loans, credit lines, insurance cost, delinquencies	s. 718.503(2)(a)4.
“Frequently Asked Questions and Answers” sheet	Assessment per unit type, leasing limits, lawsuits, mandatory club fees	s. 718.503(2)(a)8.; s. 718.504
Milestone inspection summary (ask for the full report)	Phase two findings and repair status	s. 718.503(2)(a)5.
Most recent SIRS, or a statement none was completed	Funding plan and remaining useful life of structural items	s. 718.503(2)(a)6.
Turnover inspection report (on or after July 1, 2023)	Defects found when the developer handed over control	s. 718.503(2)(a)7.
Governance form	Owner rights and board duties in plain language	s. 718.503(2)(b)
Board minutes and agendas, 12 months	Planned assessments, repairs, disputes	Rider request; s. 718.111(12)(g) for 25+ units
Insurance declaration pages	Master policy limits, wind and flood coverage, deductibles	Rider request
Estoppel certificate	Amounts owed, upcoming assessments, approval and first refusal status	s. 718.116(8)

How to read the question and answer sheet

The “Frequently Asked Questions and Answers” sheet is a one-page summary in a state-approved format. It must cover voting rights and use restrictions, including leasing limits; any rent or land use fees for recreational or common facilities; the assessment for each unit type, excluding special assessments, and how often it is billed; any court case in which the association may face liability over $100,000; whether a recreational facilities membership is mandatory and its fees; and whether the condominium sits within a portion of a building or a multiple parcel building (s. 718.504). Treat it as a table of contents, then confirm each answer in the declaration, budget and minutes.

Milestone inspections and the SIRS: what to ask for

For a building of three or more habitable stories, ask when the milestone inspection was or is due, whether phase two was triggered, whether repairs are funded, and when the last SIRS was done. The statute gives you the inspector’s summary, so ask for the full report too. Deadlines and reserve rules are in our milestone and SIRS guide.

Special assessments: who pays

Each special assessment must be noticed to owners in writing with its specific purpose, and the money may be used only for that purpose (s. 718.116(10)). A new owner is jointly and severally liable with the previous owner for all unpaid assessments that came due up to the transfer of title (s. 718.116(1)(a)). Between buyer and seller, who pays an assessment approved but not yet due, or payable in installments after closing, is whatever the rider’s check-boxes say. If minutes show the board discussing a roof, seawall or loan, ask in writing before the cancel period ends.

The estoppel certificate and its fee caps

The estoppel certificate is the association’s statement of what is owed on the unit. It must be issued within 10 business days after a request from the owner, a mortgagee or their designee. It itemizes assessments and other money owed, plus amounts coming due during its effective period, and states any transfer or capital contribution fee, open rule violations, whether board approval is required and given, and whether a right of first refusal exists and was exercised. It is effective for 30 days if hand delivered or emailed, 35 if mailed, and the association cannot collect more than it states from someone who relies on it in good faith (s. 718.116(8)).

Fees. The statute sets a base cap of $250, an extra $100 for delivery within 3 business days, and up to $150 more if the account is delinquent, adjusted every 5 years for inflation (s. 718.116(8)(f) and (i)). The Department of Business and Professional Regulation’s published schedule, read October 20, 2026, lists not more than $299, an additional $119 for expedited delivery, and up to $179 more for a delinquent unit, with the next update due by July 1, 2027. No fee may be charged if the certificate is late, and a non-owner who paid for a certificate on a sale that did not close can request a refund (s. 718.116(8)(d) and (h)).

Association approval and rights of first refusal

A declaration may restrict the use, occupancy and transfer of units (s. 718.104(5)). Some buildings require board approval of a buyer, and some give the association or members a right of first refusal; the declaration says which, and the estoppel certificate must answer both questions. If approval is required, the association may charge a fee only if the declaration, articles or bylaws provide for it, capped by statute at $150 per applicant, with spouses or parents and dependent children counted as one applicant (s. 718.112(2)(k)); the department’s posted schedule, read October 20, 2026, still lists $150. Apply as soon as the contract is signed.

Financing a condo: what lenders check

You may hear a building described as “warrantable” or “non-warrantable”. Those labels do not set the rules. For loans sold to Fannie Mae, the project standards are in its Selling Guide, topics B4-2.1-01 and B4-2.1-03 (both dated August 5, 2026). Lenders may use the Condominium Project Questionnaire (Form 1076) to gather the data. Among the characteristics that make a condo project ineligible:

If a structural or mechanical inspection was completed within 3 years of the lender’s review, the lender must obtain and review it, and in Florida that can include a milestone inspection report. The guide also lists right of first refusal provisions among the project risks it weighs. Portfolio and private lenders set their own standards; our guide to jumbo and asset-based financing covers those options.

Insurance: the master policy and your unit owner policy

Every Florida condominium association must carry adequate property insurance, based on a replacement cost appraisal updated at least every 3 years (s. 718.111(11)(a)). The master policy covers the condominium property as originally installed, or replaced with like kind and quality. It must exclude personal property in the unit and the finishes inside it: floor, wall and ceiling coverings, electrical fixtures, appliances, water heaters, water filters, built-in cabinets and countertops, and window treatments. Those are the owner’s to insure (s. 718.111(11)(f)). The board sets the master policy deductible, and deductibles and uninsured damage are generally a common expense unless an owner’s negligence caused the loss (s. 718.111(11)(c) and (j)). Flood coverage for the association is optional under s. 718.111(11)(e), so ask whether the building carries it.

Your own unit owner policy, often called an HO-6, must include at least $2,000 of loss assessment coverage for an assessment arising from a covered loss, with a deductible of no more than $250 (s. 627.714). Compare that figure with the master policy deductible. Our guide to Florida home insurance when buying covers quotes and timing before closing.

Frequently Asked Questions