Florida Condo Documents Review 2026 — Complete Buyer Checklist
FL law gives you 3 business days to review condo docs and walk away for a full refund. Here's exactly what to look for — from reserves and pending assessments to SB 4-D structural inspection compliance.
Your 3-Day Right to Cancel — Understand It First
Under Florida Statute §718.503, condo buyers have a 3-business-day right of rescission after receiving the condo documents. This applies to resale condos. If you change your mind for any reason after reviewing the docs, you may cancel and receive a full refund of your deposit — no questions asked. This right cannot be waived by contract.
Clock tip: The 3 days run from the day you physically receive or sign for the documents — not when they're mailed or emailed. If docs arrive on Monday (day 0), you have until end of business Thursday to cancel. Track this date carefully.
What Documents the Seller Must Provide (FL §718.503)
For resale condos, the seller is legally required to provide:
- Declaration of Condominium (the master governing document)
- Bylaws (rules for how the association is governed)
- Rules and Regulations (day-to-day rules for residents)
- Most recent year-end financial statement (audited if required)
- Current year budget
- Frequently Asked Questions and Answers document (FAQ/A sheet)
- Structural Milestone Inspection report (if required under SB 4-D)
- Structural Integrity Reserve Study (SIRS, if required)
Request everything, not just what's handed over. Some sellers provide minimum docs. Ask explicitly for the most recent reserve study, the latest board meeting minutes (last 12 months), and any notice of pending special assessments or litigation.
The Complete Condo Doc Review Checklist
Declaration, Bylaws & Rules
Financials — The Most Critical Section
SB 4-D Compliance — Post-Surfside Requirements
Florida's SB 4-D (2022, amended 2023) was passed in response to the Surfside collapse. It mandates structural milestone inspections and fully-funded reserves for structural components. As a buyer, this is now a critical due diligence item.
Red Flags That Should Give You Pause
| Red Flag | Why It Matters |
|---|---|
| Special assessment pending or recently passed | You'll owe it; verify amount per unit and payment schedule |
| Reserve fund below 10% funded | High probability of a large near-term assessment |
| Structural inspection with unresolved findings | Building may have required repairs not yet funded |
| Active litigation involving the association | Potential liability and legal cost exposure for all owners |
| High percentage of rentals (60%+) | May disqualify the building for conventional/FHA/VA financing |
| Monthly fees that tripled in 3 years | Indicates deferred maintenance catch-up, not normal increases |
| No certified financial statements | Association may not be meeting statutory requirements |
SB 4-D and Financing — What Lenders Are Requiring in 2026
Post-SB 4-D, lenders — especially for Fannie Mae/Freddie Mac loans — have added new condo questionnaire requirements. Many lenders now require a "Condo Project Approval" for buildings 5+ stories, confirming:
- No deferred maintenance that affects safety or structural soundness
- No active special assessments over 15% of the annual budget without proof of adequate reserves
- No active litigation related to structural safety or habitability
- The association is financially solvent and collecting dues
Lender tip: If your lender's condo questionnaire reveals issues, your loan may be denied even if you're otherwise qualified. Have your lender run a preliminary condo eligibility check before you go under contract in an older high-rise.
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