Reading condo documents before buying (Florida) — Declaration, SIRS, minutes

Documents to demand (F.S. §718.503)

1. Declaration of Condominium + all amendments: foundational rules, ownership structure, common areas.
2. Articles of Incorporation: legal structure of the association.
3. Bylaws: internal rules, board election, meetings.
4. Rules & Regulations: operational rules (pool, parking, pets).
5. Q&A document (F.S. §718.504): standardized summary.
6. Current and proposed budget + last 3 years financials.
7. Board minutes: last 12-24 months.
8. Current estoppel letter.
9. Milestone inspection report (if building 25-30+ yrs, condo 3+ stories).
10. SIRS (most recent, since 2024).
11. Master insurance certificate.
12. Association-specific FAQs.

What to read first

• Use and Occupancy in the Declaration: restrictions (short-term rentals, pets, smoking).
• Leasing or Rental: minimum duration, board approval, application fees.
• Maintenance and Repair: who pays what (roof vs unit).
• Insurance: what master covers vs unit HO-6.
• Assessments: board power to levy special assessments, vote thresholds.
• Reserves: current level, SIRS recommendation, gap.
• Pet: size, breed, count, deposit.
• Right of First Refusal: some condos give the association first refusal right at sale.

Red flags

• Reserve fund < 30% of SIRS recommendation.
• Condo fees < $400/month for 30+ year building (sign of underfunding).
• Special assessment voted or discussed in recent minutes.
• Active litigation disclosed in Q&A or minutes.
• Milestone Phase 2 ordered but not completed.
• SIRS not completed when due (3+ story buildings, due Dec 31 2024 or aligned with milestone).
• More than 15% of units delinquent on fees.
• Master policy with hurricane deductible > 10% (sign of difficulty insuring).
• Rental restriction if you plan to rent.

3-day cancellation right (F.S. §718.503)

• Buyer has 3 business days to cancel the contract after receipt of all required documents.
• Clock only starts when disclosure is complete.
• If buyer never received required docs before closing, buyer can potentially cancel up to 1 year after closing (F.S. §718.503(1)(b)).
• Cancel by written notice to seller. Deposit refundable.
• This protection only applies to condos, not residential HOAs.

FL attorney recommended

For a Canadian buyer, having a Florida-licensed attorney ($250–$500) review the docs is typically the best ROI:

• Identifies hidden restrictions.
• Analyzes financial health.
• Checks SB 4-D compliance.
• Flags expanded board powers.
• Recommends contract inclusions (contingencies, reps & warranties).

Formulaires officiels et pages de référence

• F.S. §718.503 — Disclosure prior to sale
• F.S. §718.504 — Q&A document
• F.S. §718.111(12) — Records access