Download the illustrated Condo due diligence PDF
Begin with the building file
A unit inspection and association review answer different questions.
Request before your review period expires
| Record | What you want to learn |
|---|---|
| Current budget and financial statements | Revenue, expenses, collections and reserves |
| Recent board and owner meeting minutes | Discussed projects, disputes and future spending |
| Reserve studies and structural reports | Recommended work, timing and funding |
| Special assessment notices | Amounts, installments, purpose and allocation |
| Master insurance and deductibles | Coverage, exclusions, limits and owner exposure |
| Declaration, rules and amendments | Use, rental, pets, parking and approval restrictions |
| Litigation and lender questionnaire | Known legal and financing issues |
Ask what is missing and when it will arrive. An incomplete package is not the same as a clean package. The lender’s condominium review may evaluate project eligibility and insurance even when your personal credit and income are approved.
Sources: Florida DBPR: Condominium inspection and reserve requirements; Florida DBPR: Condominium FAQs. Reviewed 2026-09-06.
Separate inspection from funding
A building can have a report and still lack a workable financial plan.
In Florida, milestone inspections and structural integrity reserve studies serve different purposes. Applicability and timing depend on the building and current law, including amendments and exceptions. Obtain the actual dated reports and the association’s written explanation of applicable requirements. Confirm compliance status with the appropriate authority rather than relying on a generic calendar from an older article.
Questions for the association and specialists
- What work is recommended, required, completed, deferred, or still being investigated?
- Has a qualified professional priced the scope, and how current are the bids?
- Will reserves, additional dues, assessments, borrowing, insurance proceeds, or a combination fund the work?
- What access restrictions or disruption should an owner expect?
- Are there unresolved permit, inspection, engineering, or contractor issues?
- What documents will the lender need before project approval?
Sources: Florida DBPR: Condominium inspection and reserve requirements; Florida DBPR: Condominium FAQs. Reviewed 2026-09-06.
Translate an assessment into your cash plan
Ask who owes it, when, and under which agreement.
Hypothetical assessment scenario
| Input | Result |
|---|---|
| Illustrative association project | $2,400,000 |
| Equal allocation among 80 units | $30,000 per unit |
| If paid over 24 equal installments | $1,250 per month |
| Plus existing monthly dues of $650 | $1,900 per month before mortgage/tax/unit insurance |
Equal allocation is only a teaching assumption. Actual ownership shares, declarations, assessment resolutions, financing terms and the purchase contract control.
Ask whether the assessment is adopted, proposed, due now, payable in installments, or tied to future costs. Your purchase contract must address buyer/seller responsibility. A seller paying an existing assessment does not guarantee there will be no later assessment for another project or an overrun.
Assessment register
- Resolution / project / total association amount:
- Unit allocation / due dates / remaining balance:
- Buyer/seller allocation in signed contract:
- Potential additional work or cost not included:
Sources: Florida DBPR: Condominium FAQs. Reviewed 2026-09-06.
Match the policies and your intended use
A master policy is not a substitute for reviewing unit-owner coverage.
Provide the association’s insurance documents to your insurance professional and lender. Ask where the master policy’s responsibility ends and yours begins. Review unit improvements, contents, liability, loss assessment, water-related exclusions, additional living expenses and applicable deductibles. Standard homeowners and condo coverage generally excludes flood; discuss separate coverage and any building-level policy.
Confirm these before relying on a rental plan
- Minimum rental term, annual rental limits, approval process and waiting periods.
- City/county licensing, registration, tax and safety requirements for your intended use.
- Rules for guests, parking, pets, access, amenities and management arrangements.
- Whether lender and insurance occupancy descriptions match actual planned use.
- Gross revenue versus net operating income after every expense and vacancy.
Sources: Florida OIR: Homeowners insurance; NFIP: Buying flood insurance and waiting periods; Florida DBPR: Condominium FAQs. Reviewed 2026-09-06.
Your condominium decision file
Turn the research into a documented decision.
Save the dated documents supporting your decision with the transaction file. Write down who confirmed each open issue and when the answer is due. If the answer affects affordability, financing, insurability, legal use, or resale, resolve it while your contract still gives you the relevant choices. Your agent coordinates the process; the lender, insurer, association, government office, or closing professional confirms the fact within its role.
Your decision record
- Reports received / reviewer / unresolved findings:
- Dues / assessments / reserves / projected work:
- Master and unit coverage gaps / lender approval:
- Use restrictions / contract review deadline:
Before removing a contingency
- Review the actual documents and written estimates, including exclusions and assumptions.
- Separate recurring costs, immediate cash needs, and possible future liabilities.
- Confirm unresolved items, the person responsible, and the contractual response deadline.
- Ask whether a new fact changes your price, terms, financing, or decision to proceed.
Sources: Florida DBPR: Condominium inspection and reserve requirements; Florida DBPR: Condominium FAQs; Florida OIR: Homeowners insurance. Reviewed 2026-09-06.
Your next step
Use the client guide library with our buyer representation, seller services, and neighborhood guides. Contact Gregg to build a property-specific plan.