Questions / Selling · Leer en español
Can I sell my Florida condo with a special assessment or reserve study issue?
Yes. Many Florida condos are selling with assessments pending. What matters is that the buyer receives the association's records, including the latest structural integrity reserve study, and that any assessment is clearly disclosed and allocated in the contract.
Updated
What the buyer is entitled to
Under Florida law, a resale condo buyer is entitled to these records, at the seller's expense:
| Record | What it shows |
|---|---|
| Annual financial statement and budget | The association's finances and dues |
| Latest structural integrity reserve study (SIRS) | Major building components and the money set aside for them |
| Milestone inspection summary, if applicable | The structural inspection required for older buildings |
| Turnover inspection report, if applicable | Condition when the developer handed over control |
The estoppel certificate
The association issues an estoppel certificate showing dues, the paid-through date, unpaid amounts and scheduled charges. It generally must be issued within 10 business days of a request and stays effective for 30 days (35 if mailed).
Who pays the assessment
An assessment that is already levied is usually paid by the seller or credited to the buyer at closing. A future assessment is negotiated. Put the agreement in writing in the contract.
Questions to settle before you list
- Has the association completed its SIRS and milestone inspection?
- Are any assessments levied or proposed?
- Is the building eligible for FHA and VA financing? Reserve or insurance problems can limit which buyers can get a loan.
How it works on Chimpre
Your agent uploads the association documents with your listing, so buyer's agents introduced to your condo see the full picture before they write an offer.
See who is looking for a home like yours
Chimpre introduces your home to agents whose active buyers are searching for a home like yours, in your area, at your price, with the space they need. Your agent shows you who is interested before anything goes public.
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