If you're buying a condo in a building three stories or taller in Florida, the association is now required to keep fully funded reserves for major structural components — and to have completed a Structural Integrity Reserve Study (SIRS). The days of boards voting to waive reserves to keep dues artificially low are over.
Why this changed
After the 2021 Champlain Towers South collapse, the legislature passed a series of laws (SB 4-D, SB 154, HB 1021, and HB 913) tightening inspection and funding requirements. The goal: make sure buildings have the money set aside to fix concrete, roofs, and load-bearing elements before they fail.
What to check before you buy
- Is the SIRS complete, and what did it find?
- Are reserves actually funded to the study's targets, or is there a shortfall?
- Has the board levied — or scheduled — a special assessment to catch up?
- Is there a milestone inspection on file for buildings 30+ years old (25+ near the coast)?
A healthy-looking monthly due of $500 means little if the building is carrying a $22,000-per-unit assessment that hasn't hit your closing statement yet. That gap is exactly what a Health Score is designed to surface.