Following the Surfside tragedy, Florida enacted strict condo laws. Here's what buyers and owners need to understand.
The 2021 Surfside condo collapse led to sweeping changes in Florida condo law. These changes significantly impact buying decisions.
## Milestone Inspections
### Requirements - Buildings 3+ stories: Inspection at 30 years (25 in coastal areas) - Phase 1: Visual inspection of structural components - Phase 2: Required if Phase 1 indicates issues
### Timeline - Existing buildings: Phased compliance through 2026 - New buildings: 30/25 year requirement from occupancy
## Reserve Requirements
### No More Reserve Waivers Associations can no longer waive reserves for: - Roof - Structure - Load-bearing walls - Foundation - Electrical systems - Plumbing - Windows and doors
### SIRS (Structural Integrity Reserve Study) - Required for buildings 3+ stories - Must be completed by December 31, 2024 - Updated every 10 years
## Impact on Buyers
### Due Diligence Before buying a condo, request: - Milestone inspection reports - Reserve study - Reserve fund balance - Pending special assessments
### Pricing Implications - Well-maintained buildings command premiums - Deferred maintenance buildings face pressure - Special assessments can be substantial
## Financing Challenges
Lenders are scrutinizing condos: - Fannie/Freddie requirements tightened - Some buildings becoming unfinanceable - Cash buyers gaining advantage