The questions I ask before anybody buys a condo
In a condo you’re not just buying the unit. You’re buying the financial and structural health of the entire building.
Condo · 13 points
Who it’s for
You’re looking at condos in Miami — Brickell, Downtown, the beach.
What’s on the list
- 1
What’s the monthly fee, and what does it actually include? Water, cable, building insurance, valet, gym. Ask for the list, not the summary.
- 2
Is there a special assessment approved, voted on, or even being talked about? Ask for the last board meeting minutes, not just the seller’s answer.
- 3
How much is the association holding in reserves, and what exactly is that money earmarked for?
- 4
Has the building finished its structural integrity reserve study? Florida law requires it for certain condominiums.
Fla. Stat. §718.112(2)(g) — Structural integrity reserve study - 5
Has the building passed its milestone inspection? Florida law requires it for buildings three stories or higher once they hit a certain age. Ask for the full report.
Fla. Stat. §553.899 — Milestone inspections - 6
How many units are rented, and how many owners are behind on dues? High delinquency can wreck your financing.
- 7
Does the association have open litigation? Against who, and over what?
- 8
What are the rental rules — minimum lease term, waiting period after you buy, and whether short-term rentals fly at all?
- 9
Pets? What’s the weight limit, how many, and where can they go?
- 10
Does the building approve buyers with an application or an interview, and how long does that take? That timeline is your real closing date.
- 11
What does the master policy cover, exactly, and where does your HO-6 pick up? Look for the gap between the two.
- 12
When was the last big job done — roof, elevators, plumbing, façade, waterproofing?
- 13
On a condo resale the seller has to give you the association documents, and you can cancel in writing within 7 days after you sign and receive them, not counting Saturdays, Sundays or legal holidays (unless you got them more than 7 of those days before signing). Use those days to actually read them.
Fla. Stat. §718.503 — Condominium disclosure & cancellation period
For the bigger picture
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