You found the perfect Miami condo with water views and resort amenities. Before you rush to write an offer, slow down. Condos have rules, fees and building risks that can change your monthly costs and even your ability to get a loan. In this guide, you’ll learn exactly what to request, how to spot red flags, and the Miami-Dade steps that matter before you bid. Let’s dive in.
Quick pre-offer checklist
Before you submit an offer, verify these items fast:
- Request the association resale packet and the estoppel certificate to confirm dues, transfer fees and any pending special assessments. Florida law sets a 10 business-day turnaround and caps fees. Review the statute language.
- For buildings about 25 to 40 years old and up, get the milestone inspection summary and the Structural Integrity Reserve Study (SIRS) or written confirmation of status. These affect reserves and special assessments under Chapter 718. See Florida’s condo statutes.
- Obtain the master insurance declarations, including wind or hurricane deductible details and any flood policy. High percentage deductibles can lead to big owner assessments after a storm. Understand Florida policy basics.
- Review the latest reserve study, current reserve bank balance and 12 to 24 months of board minutes. These reveal planned projects, loans and assessment discussions. DBPR’s FAQ outlines official records.
- Ask for an owner-delinquency report and any litigation summary. High delinquencies or major lawsuits can block conventional loans. See Fannie Mae’s condo eligibility factors.
Association rules and the documents to request
What to request from the seller or manager
- Resale package or certificate with financial summaries.
- Estoppel certificate with amounts due and transfer rules. Florida sets timing and fee caps.
- Declaration, bylaws, articles and current rules and regulations.
- Current budget, year-to-date financials, reserve bank statements and the latest reserve study or SIRS. See Chapter 718 requirements.
- Minutes from board and member meetings for the last 12 to 24 months. Official records must be produced.
- Insurance declarations for the master policy and any flood policy.
- A list of special assessments, association loans or lines of credit and recent or pending lawsuits.
What these records reveal
- Resale packet and estoppel show your exact closing figures, transfer fees and pending assessments.
- Declaration and rules define what you can improve in your unit, rental limits, pet policies and who pays deductibles.
- Budgets, reserve balances and the SIRS show if the building can fund big repairs or if a special assessment is likely. Statutory changes increased reserve planning duties.
Fees, reserves and special assessments in Miami
How dues are built
Your monthly assessments cover operations, insurance premiums, management and contributions to reserves for capital items like roofs, elevators and waterproofing. Florida statutes specify reserve categories and require structural planning for many buildings. Review the condo statute framework.
SIRS and reserve funding facts
For residential buildings three stories or higher, a SIRS identifies critical structural components and estimated remaining life. Associations must use this study to inform budgets and, for many, can no longer waive funding for SIRS-identified items in newer budgets. Ask if the SIRS is complete and if the current budget follows it. See Chapter 718 for SIRS rules.
How special assessments are approved
When reserves are short, boards often levy a special assessment to fund repairs. Florida law sets notice and voting rules. Written notice for a non-emergency special assessment meeting must be provided at least 14 days in advance and proof of notice must be kept in the official records. Voting thresholds often require a majority of total voting interests when funding SIRS items. Check the statute details.
Estoppel timing and why it matters
Estoppels disclose exact amounts due and effective dates. Associations must issue one within 10 business days of a written request, with capped fees and a defined validity window. If it is late, the association may forfeit the fee. Order it as soon as your contract is signed so your closing is not delayed. See the estoppel provisions.
Financial red flags to watch
- Reserve study older than 3 to 5 years or missing SIRS for a required building.
- Reserves far below SIRS targets.
- Frequent special assessments and operating funds used for capital work.
- Low cash compared with near-term projects in the minutes.
- High owner delinquencies. Lenders scrutinize these items.
Insurance must-knows for coastal condos
Master policy basics
Ask for the master policy declarations and look closely at covered perils, coverage limits, whether the policy is replacement cost and the hurricane or named-storm deductible. In Florida, percentage deductibles tied to building value are common and can be large for oceanfront towers. If reserves are thin, owners can be assessed their share after a storm. Learn how deductibles work in Florida.
Your unit policy and loss assessment
Carry an HO-6 policy that covers your interior finishes, personal property and additional living expenses. Increase the loss-assessment coverage so you have protection if the association levies an assessment related to a covered master policy claim or deductible. Ask your insurance agent to evaluate ordinance and law coverage too, since code updates can drive rebuild costs.
Flood insurance and the RCBAP
If the building is in a flood zone, many associations carry an NFIP Residential Condominium Building Association Policy, known as RCBAP. Lenders often require that the RCBAP meet certain limits or they may require you to carry supplemental unit coverage. Confirm whether your association has an RCBAP and how it satisfies lender and NFIP guidelines. See FEMA’s underwriting resources.
Building safety and Miami-Dade recertification
Milestone inspections and SIRS
After the Surfside tragedy, Florida enacted new rules that require milestone structural inspections and structural reserve planning for many buildings. Milestones generally occur at 30 years of age, or 25 years in coastal zones, and then every 10 years. SIRS has its own deadlines and update cycles. Ask for the latest reports and whether any Phase 2 or invasive work is pending. Read Chapter 718 context.
Miami-Dade’s recertification status check
Miami-Dade runs an active building recertification program that requires engineering reports at 30 years and every 10 years after. You can search a building’s recertification history, open cases and enforcement actions. Review the county portal for recertification status, then cross-check the permits portal for final inspections on major work. Start with the county’s recertification page and search permits and inspections.
Maintenance history clues
Look for recent envelope, balcony or garage reports, waterproofing history, elevator contracts and roof replacement dates. Repeated short-term fixes can signal deferred capital work. Confirm that major projects were permitted and closed with final inspections. Meeting minutes often show bid approvals, contractor disputes or warranty claims. Official records must be available on request.
Financing and lender project review
How lenders screen condo projects
Conventional lenders do not just underwrite you. They also review the project for things like reserve funding, insurance, owner delinquencies, commercial space, pending litigation and critical repairs. If a project fails, you may need a different loan program or cash. Fannie Mae’s eligibility page lists key factors.
Thresholds that can block a loan
- High owner delinquencies. Many programs treat projects as ineligible if more than about 15 percent of units are 60-plus days delinquent on assessments. See an example of program language.
- Critical repairs, evacuation orders or unresolved structural issues flagged by milestone or SIRS.
- Inadequate reserves relative to near-term capital needs.
- Insurance shortfalls or very high deductibles without a funding plan.
Your practical due-diligence timeline
- Order the estoppel and resale packet as soon as your contract is signed. Ask for master insurance declarations and reserve bank statements. Statute sets the turnaround.
- Give your lender the project documents early. Ask your agent to build time in the contract for a project review window, and confirm any conditions tied to the building’s status. Fannie’s guidelines outline what lenders ask for.
- If milestone or SIRS reports show Phase 2 or invasive work, consult an engineer and consider stronger contingencies.
- Know your rights. For contracts after December 31, 2024, Florida requires clear disclosures about milestone and SIRS, and in some cases you can cancel if required reports are not delivered in time. Read Fla. Stat. §718.503.
Miami condo buyer checklist: 7 smart questions
Use these verbatim if you like:
- “Please provide the resale package, estoppel, master insurance declarations and the most recent SIRS or milestone summary.” See estoppel rules.
- “What is the current reserve bank balance and the date of the last reserve study? Has the board voted to waive reserves in the past three years?” Reserve duties live in Chapter 718.
- “List all special assessments in the last five years and the remaining unpaid balance by unit.” Official records access.
- “Provide the accounts-receivable aging and any collection plans.” Lenders review delinquencies.
- “Have there been any structural or envelope insurance claims in the past 10 years? Provide claim dates and resolutions.” Records must be kept.
- “Confirm whether the association carries a flood policy (RCBAP) and the coverage limits used for lender requirements.” FEMA resources.
- “Provide copies of permits and final inspections for major projects like roof, balcony, waterproofing and garage repairs.” Search Miami-Dade permits.
Move forward with confidence
Miami condos offer sun, skyline and a lock-and-leave lifestyle. The best way to protect your purchase is to verify the building’s finances, insurance and safety status before you bid. When you follow the checklist above, you reduce surprises, improve your loan options and buy with a clear view of true costs.
Want a guided path from first tour to closing table? Connect with Evan Sophir for concierge, education-first representation and a custom plan for your Miami condo search.
FAQs
What should I verify first when buying a Miami condo?
- Start with the estoppel and resale packet to confirm dues, transfer rules and any pending special assessments, then review SIRS or milestone reports and master insurance. See Florida’s estoppel rules.
How do special assessments get approved in Florida condos?
- Boards must provide at least 14 days’ written notice for non-emergency special assessment meetings and follow voting thresholds, often a majority of total voting interests for SIRS items. Check Chapter 718.
What is an RCBAP and why do lenders care?
- The Residential Condominium Building Association Policy is the building’s flood master policy; lenders often require adequate RCBAP coverage or supplemental unit coverage if limits fall short. Review FEMA guidance.
Can high HOA delinquencies block my mortgage?
- Yes. Many programs treat a project as ineligible if more than about 15 percent of units are 60-plus days past due on assessments. See example program criteria.
What if the association has not delivered SIRS or milestone reports before closing?
- For contracts after December 31, 2024, missing required disclosures or reports in the statutory window can give you a right to cancel. Read §718.503.
How do hurricane deductibles affect my costs as an owner?
- Many master policies use percentage deductibles tied to building value, which can lead to large owner assessments after a storm if reserves are low, so increase your HO-6 loss-assessment coverage. Learn how Florida deductibles work.
