Buying or Selling a Condo in Miami: The New Florida Condo Rules

Florida's condo laws changed a lot after the 2021 Surfside collapse. The changes affect what condo owners pay, what buyers must review and how fast some deals close. Here is what Miami condo buyers and sellers should know.

Milestone inspections

Condo buildings that are three stories or more need a structural "milestone inspection" by an engineer or architect once they reach a certain age (generally 30 years, and local governments can require it sooner), and then every 10 years. Miami-Dade and Broward also have long-standing building recertification programs. If the inspection finds problems, the association has to make repairs, which can mean special assessments for owners.

Structural integrity reserve studies (SIRS)

Associations of buildings three stories or more must have a structural integrity reserve study that estimates the cost of major items like the roof, structure, fireproofing, plumbing, electrical, windows and waterproofing, and must fund reserves for them. Many associations have raised monthly dues or passed special assessments to catch up.

If you are buying a condo

• Read the documents. Budget, reserves, the latest milestone inspection and SIRS summaries, meeting minutes, rules and any pending or planned special assessments.
• Ask about assessments in writing. Who pays an assessment that is approved before closing should be clear in the contract.
• Check financing early. Some lenders will not lend in buildings with big repair needs, low reserves, litigation or too many investors. Cash buyers have more choices.
• Know the approval process. Many Miami associations require an application, background check and interview before you can close or rent.
• Insurance: the association insures the building; you insure your unit's interior and contents (an HO-6 policy) and possibly flood.

If you are selling a condo

• Gather documents before listing. Buyers now expect the milestone inspection and SIRS information, budget, reserves and assessment details. Having them ready keeps the deal on track.
• Price for the building, not just the unit. Two identical units can sell for very different prices if one building has large upcoming assessments.
• Disclose what you know. Approved or proposed assessments and known building problems should be disclosed.
• Consider cash buyers. If your building is hard to finance, marketing to cash buyers and investors can be the fastest path.

Talk to someone who reads the documents

We review condo documents with our buyers and help sellers present their building honestly and clearly. Call or text with the building name and we will tell you what we know.