The direct answer
Before buying a Florida condominium, review the building—not only the residence. A useful first package includes the Structural Integrity Reserve Study when required, the latest milestone inspection materials, current budget, reserve schedule, recent financial statements, insurance information, pending or adopted assessments, board minutes, litigation disclosures and any lender questionnaire available.
Compliance is a starting point, not proof that a building is financially strong. The goal is to understand what work has been identified, how it will be funded, whether insurance and financing remain practical and what the complete ownership cost could look like after closing.
Start with SIRS and milestone inspection records
A Structural Integrity Reserve Study evaluates specified building components and estimates reserve funding for future repair or replacement. A milestone inspection focuses on structural condition for buildings that meet statutory age and location criteria. They answer different questions, so buyers should request both when applicable and confirm the association's current compliance status.
Read the complete reports, not only a summary. Note the inspection date, components reviewed, useful-life assumptions, recommended follow-up and whether later engineering work changed the conclusion.
- Structural Integrity Reserve Study and reserve schedule
- Milestone inspection reports and follow-up letters
- Engineering proposals, contracts and permits tied to identified work
- Board actions taken after the reports
Follow the money through the budget and minutes
Compare the study's funding assumptions with the adopted budget, reserve balances and owner assessments. Review at least the recent board and membership minutes for discussions of repairs, insurance, litigation, loans, special assessments, reserve waivers from earlier years and contracts that may not yet appear in the monthly fee.
A lower fee is not automatically a better value. It may reflect efficient operations, or it may leave more future cost outside the current budget. Ask how the association plans to fund material work and whether that plan has been formally adopted.
- Current budget and most recent year-end financial statement
- Reserve balances by component
- Existing loans and debt-service obligations
- Pending, adopted and recently paid assessments
- Board and membership minutes
- Delinquencies, litigation and major contracts
Insurance and financing can change the decision
Request the association's current property and liability coverage information, deductibles and any recent premium changes or claims. Buyers should also obtain property-specific insurance guidance for the residence and confirm lender eligibility early; a building can present financing challenges even when the unit itself appears attractive.
Have the appropriate attorney, lender, insurance professional, engineer and inspector review the documents within the contract timelines. This guide is general information, not legal, engineering, lending or insurance advice.
A ten-document condominium checklist
For a serious finalist, organize the review around the following documents and questions.
- Declaration, bylaws, rules and amendments
- SIRS report and reserve funding plan
- Milestone inspection and structural follow-up
- Current budget and recent financial statements
- Reserve balances and component schedules
- Assessment history and pending assessments
- Insurance summary, deductibles and claims context
- Recent board and membership minutes
- Litigation, violations and major contracts
- Lender questionnaire and property-specific financing review
Questions Clients Ask
Frequently asked questions
Is a SIRS the same as a milestone inspection?
No. A SIRS addresses specified reserve components and funding; a milestone inspection addresses structural condition under Florida's inspection framework. A building may need both.
Does compliance mean the condominium is financially strong?
No. Compliance does not replace review of reserves, assessments, insurance, debt, delinquencies, litigation and the association's actual funding plan.
Who should review condominium documents?
Depending on the issue, buyers may need a Florida real estate attorney, lender, insurance professional, engineer, inspector and tax adviser. Complete reviews within the contract deadlines.