Newer state safety laws have pushed many associations to raise reserves and assess owners, and buyers now read the building’s documents closely.
Why so many Florida condos have assessments
After the 2021 Surfside collapse, Florida passed laws requiring milestone structural inspections for many condo buildings three stories or taller. Many associations must also complete structural integrity reserve studies and fully fund reserves for key building components.
Those requirements have led to higher monthly dues and large special assessments in many buildings, especially older ones. Buyers know this, and they ask about it early.
A milestone inspection is due by December 31 of the year a building turns 30, then every 10 years. Local building officials can require it at 25 years, for example near salt water. Phase one is a visual review. If it finds substantial structural deterioration, a phase two inspection follows, and repairs must begin within 365 days of that report, sometimes sooner.
You can still sell a condo in a building that “failed” its milestone inspection. Buyers are entitled to the inspector’s summary and the latest reserve study, so price the unit with the repair plan and any assessment in mind.
Ways to handle the assessment in a sale
Pay it
- The assessment is paid from your sale proceeds.
- The buyer gets a clean slate.
Credit it
- The price or a closing credit reflects the assessment.
- The buyer takes over future installments.
Target it
- Some lenders limit loans in buildings with low reserves or deferred repairs.
- Cash buyers and investors may be a better fit.
Documents buyers will ask for
Florida condo resale buyers generally get a short window to cancel after they receive the association’s documents. Having them ready early keeps that window from surprising you.
Ask your association for an estoppel certificate early. It shows exactly what’s owed.
Typical condo resale documents
- Declaration, bylaws, and rules.
- The current budget and most recent financial report.
- Milestone inspection summary and reserve study, if they apply.
- Details of any current or planned special assessment.
- An estoppel certificate from the association.
Alex Silva, broker
Voyance Real Estate is led by its broker and owner, Alex D. Silva, who has more than 30 years in real estate and holds Florida broker license BK3153327.
Short-sale negotiation is his specialty: lender approvals, second liens, and valuation disputes.
He works with homes, condos, rentals, and commercial property across Central and South Florida, in English, Spanish, and Portuguese.
Condo questions
Who pays a special assessment when a condo sells?
It’s negotiable. Often the seller pays installments due before closing and the parties agree on the rest. The estoppel certificate and the contract spell it out.
Can buyers still get a mortgage?
Some can. Some lenders limit financing in buildings with low reserves, deferred maintenance, or pending litigation. Alex checks this early so you aren’t surprised mid-deal.
Should I wait until the repairs are done?
Sometimes a finished project helps the price, but you carry the costs meanwhile. Alex can compare selling now against waiting.
General real estate information, not legal, tax, or financial advice. Confirm your building’s specific requirements with the association and a Florida attorney.
Assessment on the way?
Tell Alex the building, the assessment amount, and your timeline.