Condo Due Diligence, Part 3: Special Assessments and What a Buyer Inherits

Florida Statute 718.103 defines a special assessment as “any assessment levied against a unit owner other than the assessment required by a budget adopted annually.” It is billed on top of the regular dues a listing shows.

Parts 1 and 2 of this guide covered milestone inspections and the structural integrity reserve study, or SIRS. Under Florida Statute 718.112, for budgets adopted on or after December 31, 2024, owners whose association needs a SIRS can no longer vote to fund less than the study requires, and the statute names special assessments, loans and lines of credit as ways to pay. Under Florida Statute 553.899, phase two milestone repairs must begin within 365 days. A building that kept dues low for years may now have to close the gap.

How an assessment gets approved

• The notice states the cost. Under Florida Statute 718.112, notice of a meeting on assessments must give the estimated cost and purposes.
• Owners get 14 days. A nonemergency special assessment needs written notice to owners, also posted on the property, at least 14 days before the meeting.
• The documents set the vote. Approval follows the declaration and bylaws. One that funds SIRS reserves needs a majority of all voting interests.
• The money is tied to the purpose. Under Florida Statute 718.116, it can be spent only on the purpose in the notice.

What you inherit at closing

Florida Statute 718.116 makes you liable for assessments that come due while you own the unit, and jointly and severally liable with the seller for unpaid ones that came due before title transferred. You can recover from the seller, but the association can collect from you, with interest at 18 percent a year if the declaration sets no rate.

The common trap is an assessment approved before closing but payable after. Installments due once you own the unit are yours. Whether the seller credits them is up to your purchase contract, so read what it says about special assessments and negotiate. Confirm the specifics with a Florida real estate attorney.

If you own in Miami-Dade and face an assessment, watch for the county's Condominium Special Assessment Loan Program. Its last round offered 0% loans of up to $50,000 per unit to eligible households and closed June 30, 2026, so check with the county before counting on it.

Documents and questions before you sign

• Estoppel certificate. Due within 10 business days of a request, it itemizes assessments owed and coming due. The association cannot collect more than it states from anyone relying on it in good faith. DBPR's published cap on the base fee is $299.
• Resale documents. Florida Statute 718.503 entitles you to the financial statement, budget, milestone summary and latest SIRS. Any assessment or loan funding SIRS reserves must appear in that statement.
• Minutes. Under Florida Statute 718.111, an association with 25 or more units must post 12 months of approved board minutes on an owners-only site. Ask the seller to download them.
• Ask the manager in writing what is approved, proposed or on an agenda.

My read

A special assessment is not a reason to walk away. A surprise one is. In an older tower I want the last year of minutes, the SIRS funding plan and the manager's written answer on what is coming. If an assessment is on the way, we price it into the offer or negotiate a seller credit before closing. If you are selling with one pending, put it on the table early. A known number negotiates better than a late surprise.