Florida condo buyers should review both structural inspection information and reserve funding. A completed study or funded assessment is not by itself a guarantee of lender approval.
Reviewed and corrected October 5, 2026. Original publication date retained.
Two different requirements
Section 718.112 requires a structural integrity reserve study at least every 10 years for covered residential condominium buildings three habitable stories or higher. Section 553.899 generally requires a milestone inspection at age 30 and every 10 years thereafter, with a local agency able to require the initial inspection at age 25 under the stated conditions. Statutory exemptions and transition rules matter.
Request the building’s actual documents
Section 718.503 identifies resale-buyer documents, including applicable inspection information, the most recent SIRS or a statement that none has been completed, and association financial documents. It contains seven-day cancellation clauses excluding Saturdays, Sundays and legal holidays, with particular receipt and execution triggers. Ask counsel to apply the exact clause rather than relying on a headline deadline.
Funding does not cure every critical repair
Fannie Mae’s project standards includes unfunded repairs exceeding $10,000 per unit that should be undertaken in the next 12 months in its critical-repair rules, excluding unit-owner repairs and repairs funded through a special assessment from that threshold. An assessment associated with an unremediated critical repair can still make a project ineligible.
A hypothetical assessment
A hypothetical $950,000 project divided evenly among 38 units is $25,000 per unit. That arithmetic alone does not determine lender eligibility. The repair classification, funding, documentation, remediation and applicable loan standards must be reviewed.
Frequently Asked Questions
Does every condominium have the same inspection requirement?
No. Building height, ownership form, statutory exemptions and local requirements matter.
Does funding a repair guarantee conventional financing?
No. Unremediated critical repairs can still prevent project eligibility.
Talk with our team
Contact MVP Home Group to discuss the property and the next step that fits your plans. For legal, tax, loan or insurance questions, obtain advice from the appropriate qualified professional.
About MVP Home Group
Nelson Cruz, P.A. is the Founder & CEO of MVP Home Group, brokered by Real Broker LLC. He brings nearly two decades in law enforcement to his work in real estate. Contact our team through Nelson’s profile.