Florida Condo Special Assessments Buyers Guide

October 12, 2026

Quick answer: A special assessment is a one-time charge an association levies on unit owners on top of regular monthly dues. In Florida, the association must send owners written notice stating the purpose, and the money may only be used for that purpose. If you buy a condo, you become responsible for assessments that come due while you own it, and you can also be held jointly liable with the seller for assessments that were already unpaid. Before you close, review the building's milestone inspection summary, its structural integrity reserve study (SIRS), its budget, and the last year of board minutes.

General education only, not legal, tax, lending or insurance advice. Confirm anything that affects your purchase with a Florida real estate attorney and your lender.

Why condo special assessments are in the headlines

After the 2021 Surfside collapse, Florida changed how aging condo buildings are inspected and funded. Two requirements matter most to buyers:

Milestone inspections. Residential condominium and cooperative buildings that are three or more habitable stories must have a structural milestone inspection by December 31 of the year the building turns 30 (measured from the certificate of occupancy), then every 10 years. The local enforcement agency may require the first inspection at 25 years based on local conditions, such as proximity to salt water. If the inspector finds substantial structural deterioration, a second, more detailed phase is required. Within 45 days of receiving the report, the association must give every owner the inspector's summary.
Structural Integrity Reserve Studies (SIRS). Associations must have a reserve study covering structural components and fund those reserves. The deadline to complete the first study was extended to December 31, 2025 by HB 913 (2025). Associations report completed studies to the state, and the Division of Condominiums publishes the submissions in a searchable SIRS Reporting Database.

Older buildings can face large repair and reserve costs at the same time. When reserves are short, the board may fund the gap with a special assessment, a loan or a line of credit.

What HB 913 (2025) changed

HB 913 was signed June 23, 2025 and took effect July 1, 2025. Provisions that matter for buyers and sellers:

More flexibility for associations. Associations may fund required reserves with a special assessment, loan or line of credit, generally with approval from a majority of the total voting interests. Boards may also pause reserve contributions for a limited period after a milestone inspection, with owner approval, to prioritize repairs.
Higher reserve threshold. The replacement-cost threshold for components that must be considered in the SIRS rose from $10,000 to $25,000.
Seven days to review documents. For resales, the standard contract language gives the buyer a seven-day window (excluding Saturdays, Sundays and legal holidays) to review the association documents and cancel. The previous window was three days.
More transparency. Associations that must maintain a website must post more records online. Florida Realtors reports that approved board minutes from the preceding 12 months must be posted, which can reveal proposed assessments before they are formally adopted.

What buyers should check before closing

Current and pending special assessments. Ask for the amount, purpose, payment schedule (lump sum or installments), and how much remains unpaid.
The milestone inspection summary. Find out whether the building is subject to one, whether it was completed, and whether it moved to phase two.
The SIRS. Ask for the study and the current funding plan, and search the state's SIRS Reporting Database to confirm the association filed it.
Budget and reserves. Look for a pause or reduction in reserve contributions, or reserves funded by a loan or line of credit.
Twelve months of board minutes. Look for discussion of repairs, bids, loans or "assessment" before it is formally levied.
Insurance and financing. Ask your insurance agent about the building's coverage, and ask your lender early whether the building meets their condo project standards. Some buildings with deferred maintenance or missing reserves can be harder to finance.
The contract. Have your attorney confirm how assessments that are adopted but not yet due are handled between buyer and seller, and use the seven-day review window fully.

Who pays a special assessment when a condo sells?

Under Florida Statute 718.116, a unit owner is liable for assessments that come due while they own the unit, and a new owner is jointly and severally liable with the previous owner for unpaid assessments (the buyer may seek reimbursement from the seller). Because of that joint liability, the closing process includes an estoppel certificate from the association showing what is owed. Whether a seller credits you for an assessment that is approved but not yet due is a negotiated contract term, not an automatic right.

Seller checklist

If you own a condo in Broward, Miami-Dade or Palm Beach County, getting documents ready early prevents delays. Resale law requires you to make available the declaration, bylaws and rules, the annual financial statement and budget, the milestone inspection summary where applicable, the reserve study (or a statement that none was completed), and the association's FAQ document, at your expense. Ask your association for them as soon as you decide to list. If you are not sure what your unit is worth in today's market, request a free home valuation.

What the 2026 market data shows for South Florida condos

WLRN reported on January 20, 2026 that 2025 condo sales fell about 10% in Miami-Dade, about 9% in Broward and nearly 2% in Palm Beach County, with median condo prices lower over the past year. In the same report, sales of condos in buildings under 25 years old rose 2% while sales in buildings over 25 years old fell 6%, based on Miami Realtors Association data. That pattern fits what buyers say they are weighing: building age, reserves and assessments. These figures are from 2025 and may not describe your building or your neighborhood today.

Frequently asked questions

What is a special assessment on a condo?

A special assessment is a charge to owners that is separate from the regular assessments set in the annual budget. In Florida, the association must send each owner a written notice stating its purpose, and the funds may only be used for that purpose. Leftover money becomes common surplus, which the board may refund or credit toward future assessments.

Can a Florida condo buyer be responsible for the seller's unpaid assessments?

Yes. A new owner is jointly and severally liable with the previous owner for unpaid assessments, though the buyer may seek reimbursement from the seller. Order an estoppel certificate and have your closing agent confirm that balances are paid at closing.

How long do I have to review condo documents before buying a resale unit?

The statutory resale contract provisions use a seven-day window, excluding Saturdays, Sundays and legal holidays. Either the buyer acknowledges receiving the documents more than seven days before signing, or the contract is voidable by the buyer within seven days after signing. Confirm the exact terms in your contract with your attorney.

What is a SIRS and how do I look one up?

A Structural Integrity Reserve Study is a reserve study for a building's major structural components. Associations must complete it and report it to the Division of Condominiums. The division's SIRS Reporting Database shows submissions as filed, and you can also ask the association or seller for a copy.

Do all Florida condos need a milestone inspection?

The requirement applies to residential condominium and cooperative buildings that are three or more habitable stories. The first inspection is due by December 31 of the year a building reaches 30 years (or 25 where the local agency requires it), and repeats every 10 years. Ask the association for its certificate-of-occupancy date, inspection status and summary.

Can a condo board borrow money instead of levying a special assessment?

Under HB 913, a SIRS-required association may fund reserves with a special assessment, loan or line of credit, generally with majority approval of total voting interests. Borrowing spreads the cost over time but adds interest and may affect the budget and financing options for buyers.

Thinking about buying or selling a condo in South Florida?

The Home Owners Listing Team has helped South Florida buyers and sellers since 2017. We will walk through the documents with you, flag what to ask the association, and connect you with the right attorney and lender. Call (954) 342-6180 or contact the team. We are at 2440 E Commercial Blvd, Suite 2, Fort Lauderdale, FL 33308. See also our Fort Lauderdale community guide.