After the 2021 collapse in Surfside, Florida passed a series of condo laws to make sure older buildings are inspected and properly funded. For buyers, the result is more information than ever, and new questions about what a building may cost to own over the next decade.
Milestone inspections
Condo and co-op buildings three or more habitable stories tall must have a milestone structural inspection once they reach 30 years of age, and every 10 years after that. If the inspection finds significant issues, a more detailed second phase and repairs may follow.
Structural integrity reserve studies
Associations for these buildings must also complete a structural integrity reserve study, or SIRS, at least every 10 years. The SIRS reviews key components such as the roof, structure, fireproofing, plumbing, electrical systems, waterproofing and windows, estimates their remaining life and replacement cost, and sets a funding plan. The law limits the ability of owners to waive or reduce funding for these items.
What changed in 2025
In 2025, the Legislature passed HB 913, which adjusted deadlines and gave associations more ways to meet their obligations, including the use of lines of credit or loans for required projects under certain conditions. Financing arrangements like these must be disclosed in the association’s financial information, which matters to buyers.
Condo law has changed several times since 2022 and may change again. This is general information, not legal advice. Review the current documents for any building with your agent and, if needed, a Florida real estate attorney.
Questions to ask before you buy
- Has the building completed its milestone inspection, and were any repairs recommended?
- Has the association completed its SIRS, and is it funding reserves at the recommended level?
- Are any special assessments approved, proposed or likely in the next few years?
- Has the association taken out a loan or line of credit, and how will it be repaid?
- What does the master insurance policy cover, and how much is the deductible?
- What are the rules on rentals, pets, renovations and parking?
Why this matters downtown
Reading the budget and reserves
Start with the current budget and the most recent financial statement. Look at how much is set aside in reserves compared with what the SIRS recommends, whether reserves are pooled or held separately for each component, and how dues have changed in the last few years. A large jump in dues is not necessarily a red flag; it may mean the association is now funding reserves properly. Underfunded reserves with major work ahead are the bigger concern.
Financing and insurance
Lenders review condo associations as well as buyers. Many send a questionnaire about reserves, litigation, insurance and owner occupancy, and some buildings may not meet a particular loan program’s requirements. Ask your lender early whether the building is eligible for the loan you want. Also review the master insurance policy, its hurricane deductible and what your own unit policy must cover.
Your review period
Florida law gives condo buyers a short period to review the association’s documents after receiving them and to cancel if they choose. The length of that period depends on whether you are buying from a developer or from an owner. Make sure your contract and timeline allow enough time for you, your agent and, if needed, an attorney to read everything carefully.
Downtown Orlando has a mix of newer towers and older mid-rise buildings around Lake Eola and beyond. Newer buildings may not reach milestone age for years, while older ones may already be funding major projects. Two units with similar prices can carry very different future costs, so we compare buildings, not just units. Learn more on our Downtown Orlando page.