Selling a Sarasota condo under Florida's newer condo laws

Selling a Sarasota condo now means answering questions about the building as well as the unit. Since 2022, Florida law has required milestone inspections and structural integrity reserve studies for condo buildings three habitable stories or higher, and buyers of resale units get copies, which they read alongside the budget, reserves and any special assessments. Gather the documents early, know what they say, and price the unit with them in mind.

This is general information, not legal advice. The rules have been amended several times since they were first passed, so verify the details for your building with your association and a real estate attorney.

What are milestone inspections?

A milestone inspection is a structural inspection of a condo or co-op building by a licensed architect or engineer. Under section 553.899 of the Florida Statutes (2026 edition), it applies to buildings three habitable stories or more.

The first inspection is generally due by December 31 of the year the building turns 30, counted from its certificate of occupancy. The local building department can require it at 25 years instead, for example for buildings close to salt water. After that, it repeats every 10 years.

It comes in two parts. Phase one is a visual inspection. If the inspector finds substantial structural deterioration, a phase two inspection follows, which can include testing. Repairs for that deterioration have to start within 365 days after the phase two report, under a local ordinance that can set a shorter deadline. The association has to send owners the inspector’s summary within 45 days of getting the report.

What is a structural integrity reserve study?

A structural integrity reserve study, or SIRS, is a study of the building’s major parts and how much the association needs to save to repair or replace them. Under section 718.112 of the Florida Statutes (2026 edition), it’s required at least every 10 years for buildings three habitable stories or higher.

It covers the roof, the structure and load-bearing walls, fireproofing and fire protection, plumbing, electrical systems, waterproofing and exterior painting, and windows and exterior doors, plus other large items that affect those.

The part that matters most to sellers: for budgets adopted on or after December 31, 2024, associations that need a SIRS generally can’t vote to skip or cut the reserves for those items, with narrow exceptions. In many buildings, that has meant higher monthly dues, a special assessment, or a loan the association repays over time.

How do special assessments affect a sale?

A special assessment is a charge to every owner, on top of regular dues, for a project the reserves don’t cover. Under the newer rules, some buildings here have approved large ones for structural repairs, roofs, windows or waterproofing.

Buyers ask about assessments before almost anything else. A known, approved assessment is something you and the buyer can price and negotiate around. An assessment that’s being discussed but not voted on is harder, because nobody knows the final number. That uncertainty can cost you more than the assessment itself.

Who pays an assessment that’s approved but not yet due is something the contract has to spell out. Talk with a real estate attorney about how your contract handles it, and get the details from the association in writing.

What do condo buyers ask for now?

The questions have shifted. A few years ago, buyers mostly asked about dues, pets and rental rules. Now they also ask:

• Has the building had its milestone inspection, and did it need a phase two?
• Is there a current SIRS, and are the reserves fully funded?
• Are any special assessments approved, planned or being discussed?
• How have the dues changed in the last few years?
• What does the master insurance policy cover, and what is the unit owner responsible for?
• What are the leasing rules: minimum lease, how many leases a year, and whether tenants need approval?

Buyers who plan to rent the unit will read those leasing rules closely. Our post on buying a Sarasota condo to rent out covers what they look for.

What does Florida require a seller to hand over?

Under section 718.503 of the Florida Statutes (2026 edition), a buyer of a resale condo is entitled, at the seller’s expense, to current copies of the declaration, articles of incorporation, bylaws and rules, the annual budget and financial statement, the milestone inspection summary if there is one, the most recent SIRS or a statement that none has been done, the turnover inspection report where one applies, and the association’s question and answer sheet, along with a governance form from the state.

If the buyer didn’t get the core documents more than 7 days before signing, the buyer generally can cancel within 7 days, not counting weekends and legal holidays, after signing and receiving them. That right ends at closing. Getting the documents to the buyer early keeps that clock from dragging your closing out.

For contracts signed after December 31, 2024, the same statute also requires the contract itself to state, in conspicuous type, whether the association has to have a milestone inspection or SIRS and whether it has completed them. Your contract and your attorney will set the exact terms.

Condo documents to gather before you list

Ask the association or management company for current copies. Most of these are things a buyer is entitled to or will ask for.

• Declaration of condominium, articles of incorporation, bylaws and rules
• Current annual budget and the most recent annual financial statement
• Most recent structural integrity reserve study, or a statement that one has not been done
• Milestone inspection summary, and any phase two report, if your building has one
• Notices of any approved special assessments, with amounts and due dates
• Recent board meeting minutes that mention repairs, assessments or loans
• The association's question and answer sheet and the state governance form
• Master insurance policy summary and what the unit owner must insure
• Leasing rules and the tenant or buyer approval application, if the building requires one
• Estoppel certificate request details, so the title company can order it quickly

How should you price a condo under the new rules?

Price it against recent sales in your building first, then in similar buildings nearby, and read each sale’s story. A unit that sold before an assessment was approved isn’t a clean comp for one selling after. Neither is one in a building with fully funded reserves compared with one that’s just starting to catch up.

Some buyers will pay more for a building that has finished its inspections and repairs, because the big unknowns are behind it. Others will be looking for a discount where work is still ahead. Either way, a seller who has the documents ready and understands them is in a stronger spot than one learning about them from the buyer’s agent.

Online estimates rarely account for any of this. See what your Sarasota home is worth for why, and our downtown Sarasota condos guide for the buildings themselves. If you’re weighing a lease instead of a sale, our owner FAQ covers how we handle condo rentals and association approvals.

What did this look like on a condo we sold?

[NEEDS RICHARD: a real example of the building documents buyers asked for on a recent condo sale (no names), and how an assessment or reserve study came up in the negotiation]

What’s the next step?

Start with the documents and a real price. Fill out our home value form and we’ll send a written pricing opinion for your unit, usually within 24 hours, based on sales in your building and similar ones. We’ll also tell you which association documents to request now, so they’re ready when a buyer asks. You can learn more about the area on our downtown Sarasota page.