Once you're under contract on a Florida condo, the seller requests an estoppel certificate from the association. It is a formal statement of what is owed on the unit and what the buyer is walking into. It is usually your last good chance to catch a problem before closing.
What it tells you
- The regular assessment (monthly or quarterly dues) and whether the seller is current
- Any special assessments already levied, plus any that are approved or pending but not yet billed
- Money owed to the association on the unit, including fines and unpaid dues
- Whether the association has a right of first refusal or approval over the sale
The line that matters most
Look hard for special assessments that are approved or contemplated but not yet charged. A building can quote a comfortable monthly due while a five-figure-per-unit assessment for a roof, a seawall, or a 40-year recertification is already in motion. That gap is what turns an affordable-looking condo into an expensive one. It is also what a Health Score built on reserves, assessment history, and structural status is designed to flag before you ever reach the estoppel.
How to use it
Florida law limits what an association may charge for an estoppel certificate and requires it within a set number of days of the request. Read it alongside the association's budget and reserve study, and have your agent or attorney explain anything that isn't clear. If the numbers don't reconcile with what you were told, that's a reason to slow down, not speed up.