Buyer / Seller · Miami

Buying a Condo in Miami: SIRS and Milestone Checklist

October 23, 2026

Last updated: October 22, 2026.

Buying a condo in Miami means reviewing the building as carefully as the unit. Since the 2021 Champlain Towers South collapse in Surfside, Florida has tightened its rules on structural inspections and reserves. A building’s inspection reports, reserve study, budget and insurance now affect your monthly costs, your financing options and your future resale. This checklist covers what to ask for, what to look for and who should review it with you.

The rules in brief

Florida’s current framework comes mainly from laws passed in 2022 (SB 4-D) and 2023 (SB 154), later amended in 2024 and 2025. Two requirements matter most to a buyer:

Milestone inspection. Under section 553.899, Florida Statutes, condominium buildings of three habitable stories or more need a structural inspection by December 31 of the year they reach 30 years from the certificate of occupancy (25 years if the local building official requires it, for example near salt water), then every 10 years. Phase one is a visual review by a licensed engineer or architect; phase two follows only if significant deterioration is found. Owners receive the inspector’s summary.
Structural integrity reserve study (SIRS). Under section 718.112(2)(g), buildings of three habitable stories or more need a SIRS at least every 10 years. It is a budgeting study, not an inspection: it estimates the remaining life and replacement cost of the roof, structure, fireproofing, plumbing, electrical systems, waterproofing, windows and similar items, and sets a funding plan. For budgets adopted on or after December 31, 2024, owners can no longer waive or reduce reserves for these items. The Division of Condominiums explains the applicable deadlines.

Documents to request before you proceed

In a resale, section 718.503(2) entitles the buyer, at the seller’s expense, to the declaration, articles, bylaws and rules, the annual financial statement and budget, the “Frequently Asked Questions and Answers” sheet, the milestone inspection summary (if applicable), the most recent SIRS or a statement that none has been completed, and any turnover inspection report. Ask also for:

The current budget with reserve line items, and any owner vote to pause or reduce reserves.
Special assessments, adopted or proposed, and any association loan or line of credit.
Board and owner meeting minutes for the last 12 to 24 months, where repair plans usually appear first.
The master insurance policy declarations: covered perils, flood coverage and deductibles.
The estoppel certificate, which the association must issue within 10 business days of a request (section 718.116).
Any pending litigation, especially on safety or structure.
The lender’s condo questionnaire, if you are financing, and leasing, pet and renovation rules.

Associations with 25 or more units must post many of these records, including inspection reports and the SIRS, on their website or app (section 718.111(12)(g)).

Your right to cancel in a resale

For resale contracts signed after December 31, 2024, the contract must state whether a milestone inspection, turnover inspection report or SIRS is required and whether it has been completed. Where these documents exist and were not delivered more than 7 days before signing, the buyer may cancel in writing within 7 days, excluding Saturdays, Sundays and legal holidays, after signing the contract and receiving the required documents (milestone summary, turnover report and SIRS, as applicable). A separate 7-day right, on the same terms, covers the governing documents, financial statement, budget and FAQ sheet. These rights end at closing and cannot be waived.

New construction is different. When you buy from a developer, section 718.503(1) gives the buyer 15 days to cancel after signing and receiving the developer’s required documents, under separate rules. Your Florida attorney should confirm which period applies to your contract and when it starts.

Reserves, repairs and special assessments

SIRS missing or not disclosed. Treat it as a point to investigate, not automatic proof of a violation. Check whether the building is required to have one, which deadline applies and whether an exception covers it. The contract and the association’s records should clarify the status.
Phase two findings with open repairs, unsafe conditions or an overdue inspection or recertification.
Reserves below the SIRS funding plan. Expect higher regular or special assessments later.
Paused reserve contributions. For budgets adopted on or before December 31, 2028, an association that completed a milestone inspection in the previous two calendar years may, with approval of a majority of all voting interests, pause or reduce reserve contributions for up to two annual budgets to fund the repairs that inspection recommended. The option does not apply to developer-controlled associations and some others, and a new SIRS is required before contributions resume.
Loans, lines of credit and special assessments. Repayment comes from future assessments. Who pays an adopted assessment is negotiable through price, a seller credit (within lender limits) or a contract clause drafted by your attorney.

Construction year alone does not tell you which inspections, studies or repairs a building has completed. Ask for the documents and check the dates and findings in each.

Recertification in Miami-Dade

Miami-Dade County has its own building recertification program. Recertification is handled by the building department with jurisdiction over the property’s address: Miami-Dade County for unincorporated areas, or the municipality, such as the City of Miami or the City of Miami Beach. The County’s recertification portal is a useful starting point, but it does not cover every building in the county, and the absence of a record there does not prove that a building is compliant. Confirm the status with the competent building department.

Financing obstacles

Lenders review the building as well as the borrower. Requirements vary by loan program; the rules below are Fannie Mae requirements that apply to loans Fannie Mae buys, not automatically to every mortgage.

Under the Fannie Mae Selling Guide, projects needing critical repairs, with unremediated failed inspections, or with litigation over safety or structural soundness are generally ineligible.
Ownership concentration. Fannie Mae limits how many units a single entity may own. For projects with 21 or more units the usual limit is 20%, with lower unit-count limits for smaller projects and some exceptions. Ask your lender to check this early.
Lender Letter LL-2026-03 (March 18, 2026). For loan applications dated on or after August 3, 2026, Fannie Mae retired its Limited Review process, ending Florida-specific geographic restrictions; when a lender relies on a reserve study, the baseline funding method is no longer accepted. For Full Review applications dated on or after January 4, 2027, the minimum reserve allocation rises from 10% to 15% of budgeted assessment income. A building can comply with Florida’s SIRS law and still fail a lender’s budget test.
Small projects. Projects of ten or fewer units may qualify for a waiver of project review, but only under specific conditions, and other requirements such as insurance still apply. For projects of five to ten units, check whether the building belongs to a master association or larger development, which rules out the waiver.

A condo that is not eligible for a Fannie Mae loan is not necessarily excluded from all financing: other loan programs and portfolio lenders apply their own criteria.

For FHA loans, check HUD’s list of FHA-approved condominiums. If the project is not on the list, an FHA Single-Unit Approval may be possible in certain circumstances, for example in completed projects with at least five units that meet a subset of HUD’s requirements.

Insurance: master policy, HO-6 and flood

Under section 718.111(11), the association must insure the condominium property, including, in general, portions of the units as originally installed, while the statute excludes items such as floor, wall and ceiling coverings, appliances, water heaters, fixtures, cabinets and countertops. The exact split depends on the declaration and the master policy, so avoid the shortcut “inside the unit is the owner’s, outside is the association’s.”

Your HO-6 policy should be coordinated with the master policy: check who is responsible for which components, the exclusions and the deductibles, including how a large master-policy deductible may be passed on to owners. Ask about loss-assessment coverage.

For flood, check the address on the FEMA Flood Map Service Center. In high-risk zones (A or V), Fannie Mae requires a master flood policy for the loans it buys. Ask an insurance professional whether you also need unit-level flood coverage.

Who should review what

Your agent: gathers documents, minutes and assessment history, and flags gaps early.
A Florida attorney: reviews the contract, cancellation periods, disclosures and assessment clauses.
Your lender: confirms project eligibility, questionnaire answers and reserve tests before you commit.
An insurance professional: coordinates your HO-6, loss-assessment and flood coverage with the master policy.

Cosmore coordinates with independent lenders, title agents, insurance professionals and Florida attorneys. For title basics, see our guide to title insurance; for buyer representation rules, see our explainer on the NAR settlement.

Frequently asked questions

Is a special assessment a deal-breaker?
Not necessarily. A funded, documented repair plan can indicate a responsible board. What matters is the amount, the schedule and how it is reflected in price and financing.

Do these rules apply to smaller buildings?
Milestone inspections and SIRS apply to buildings of three habitable stories or more. Smaller condominiums still have budget, reserve and disclosure rules under Chapter 718.

Work with Cosmore in Miami

Shortlisting Miami condos? Book a buyer consultation and our Miami team will walk through the building’s SIRS, milestone and assessment file with you before you make an offer. Start your search on our buyer page.

Essential sources

Disclaimer

This article is for general information only and is not legal, tax, insurance or financial advice. Florida condominium law, lender guidelines and insurance rules change, and how they apply depends on the specific building and contract. Consult a Florida-licensed attorney, your lender and an insurance professional before making decisions. Statutory references reflect the Florida Statutes as published on the date shown above.

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