Buyer Guide
Condo Assessments & Reserves
Florida's structural integrity and reserve-funding requirements have re-shaped the South Florida condo market. A buyer-side framework for evaluating Palm Beach condominium exposure.
The regulatory context
Florida revised its condominium law following the Champlain Towers South tragedy, expanding milestone structural inspection requirements and constraining the ability of many associations to waive funding for structural reserves. The statutory framework is set out in Chapter 718, which is amended from time to time. Confirm current requirements with qualified Florida counsel.
Milestone inspections
- Identify the milestone inspection trigger and the building's current status.
- Request the Phase 1 (visual) report and, where applicable, the Phase 2 (intrusive) report and remediation plan.
- Identify any required repairs and the funding plan to complete them.
Structural Integrity Reserve Study (SIRS)
- Request the most recent SIRS.
- Identify the components covered, the assumed useful lives, and the funding plan.
- Identify current reserve balance and percent funded against the SIRS schedule.
Special assessments
- Identify any active special assessments and the buyer's share at closing.
- Identify any anticipated special assessments and the basis for the estimate.
- Review association minutes for indications of pending repair, litigation, or insurance issues.
Insurance posture
- Confirm the current wind and flood insurance posture for the building.
- Identify the trend over the past two to three policy cycles.
- Identify any required wind mitigation that could materially change premiums.
Association documents
- Review declaration, bylaws, rules and regulations, and the most recent two years of board minutes.
- Identify rental, pet, renovation, and short-term-rental restrictions.
- Identify any litigation history.
What public records can and cannot show
- Public records (DBPR, Property Appraiser, Clerk) can show certain registrations, ownership, and recorded liens.
- Public records cannot reliably show day-to-day association financial posture; that detail comes through estoppel and seller-provided documents.
Disclosure
Methodology & limitations
This guide is educational and is not legal, tax, insurance, engineering, or financial advice. Florida condominium law continues to evolve. Verify current statutory requirements and building-specific status with qualified Florida counsel and inspection partners.
Engage
Download the Condo Assessment Checklist
A buyer-side checklist of the milestone, SIRS, reserve, special- assessment, insurance, and document items to confirm before contract.
FAQ
Frequently asked questions
- What changed in Florida condominium law?
- Florida revised Chapter 718 to require milestone structural inspections and Structural Integrity Reserve Studies (SIRS) for many condominium buildings, with constraints on the ability of associations to waive reserves. The full statutory text and any amendments should be reviewed with qualified Florida counsel; condominium-specific requirements continue to evolve.
- What is a Structural Integrity Reserve Study?
- A SIRS is a study that quantifies the funding needed for an association's major structural components — roof, structure, plumbing, electrical, waterproofing, fire-protection, windows, and load-bearing walls — over a defined horizon. Florida law constrains the ability of many associations to waive funding for these components.
- What should I ask before buying a Palm Beach condominium?
- Confirm milestone inspection status and findings, request the SIRS and most recent reserve study, identify the current reserve balance and percent funded, identify active and pending special assessments, request current insurance posture (wind and flood) and trend, and review association financials and minutes for material issues.
Sources & citations
Factual claims on this page are attributed to the sources below. Public records may lag current market activity. See methodology for the full data-use disclosure.
- The Florida Legislature. Florida Statutes Chapter 718 — The Condominium Act. Accessed 2025-12-01. Public agency — confidence: high.Claim supported: Statutory framework for Florida condominium associations, including reserve funding, milestone inspection, and structural integrity reserve study requirements.
- Florida Department of Business and Professional Regulation. Florida Department of Business and Professional Regulation — Condominium Records. Accessed 2025-12-01. Public agency — confidence: high.Claim supported: Condominium association records, complaints, and filings maintained by the Florida DBPR Division of Condominiums, Timeshares, and Mobile Homes.
- Palm Beach County Property Appraiser. Palm Beach County Property Appraiser — Property Search and Public Records. Accessed 2025-12-01. Primary public record — confidence: high.Claim supported: Parcel-level ownership, assessed value, taxable value, exemptions, and recorded characteristics for properties in Palm Beach County.
- Palm Beach County Clerk & Comptroller. Palm Beach County Clerk & Comptroller — Official Records Search. Accessed 2025-12-01. Primary public record — confidence: high.Claim supported: Recorded deeds, mortgages, liens, and related instruments for real property transactions in Palm Beach County.
- Douglas Elliman / Miller Samuel. Elliman Report — Palm Beach County. Accessed 2025-12-01. Brokerage report — confidence: medium.Claim supported: Quarterly market metrics for Palm Beach single-family and condo markets, including median sale price, days on market, and listing discount.
- The Real Deal. The Real Deal — South Florida. Accessed 2025-12-01. Media — confidence: medium.Claim supported: Industry reporting on Palm Beach County development, brokerage activity, and notable transactions.