24 Oct Selling a Florida Condo in 2026: What Buyers, Lenders and the Law Will Ask For

Selling a Florida Condo in 2026: What Buyers, Lenders and the Law Will Ask For

To sell a Florida condominium in 2026, you must give your buyer current copies of the declaration, articles, bylaws and rules, the latest annual financial statement and budget, the Q&A sheet, and, where they apply, the building’s milestone inspection summary, its most recent structural integrity reserve study (SIRS) and any turnover inspection report. You must also give a flood disclosure and disclose known problems that a buyer could not readily see. Your buyer’s lender will then look at the building itself: unfinished critical repairs or a failed mandatory inspection can make a building ineligible for conventional mortgages sold to Fannie Mae. Getting these documents together before you list is the best way to avoid delays and price surprises.

This guide explains Florida law and national lending rules in plain language. It is not legal advice; for your specific sale, talk to a Florida real estate attorney. Each rule links to its official source, checked October 24, 2026.

On This Page

• The documents you must give your buyer
• What your contract must say
• Your duty to disclose known problems
• What your buyer’s lender will check
• The estoppel certificate
• Seller preparation checklist
• Related guides
• Frequently asked questions
• Sources

The Documents You Must Give Your Buyer

Under section 718.503(2)(a), Florida Statutes, a buyer who has signed a contract for your condo is entitled, at your expense, to current copies of:

• ☐ Declaration of condominium
• ☐ Articles of incorporation of the association
• ☐ Bylaws and rules of the association
• ☐ Annual financial statement and annual budget
• ☐ Inspector-prepared summary of the milestone inspection report, if applicable
• ☐ The association’s most recent SIRS, or a statement that it has not completed one
• ☐ Turnover inspection report, for a turnover inspection performed on or after July 1, 2023
• ☐ “Frequently Asked Questions and Answers” sheet

The buyer is also entitled to the state’s governance form, which summarizes how condominium associations work and owners’ rights. A licensed real estate agent may obtain the documents for the buyer. Associations must keep copies of the declaration, articles, bylaws, rules, Q&A sheet and latest financial statement and budget available for owners and prospective buyers and may charge their actual cost (section 718.111(12)(c)5.). Associations with 25 or more units must also post most of these, plus inspection reports and the SIRS, on an owners’ website or app (section 718.111(12)(g)).

What Your Contract Must Say

• The 7-day review clause. Every resale contract must say either that the buyer received the declaration, articles, bylaws and rules, financial statement and budget, and Q&A sheet more than 7 days before signing, or that the buyer may cancel within 7 days after signing and receiving them. Weekends and legal holidays are not counted, and the buyer’s right ends at closing (section 718.503(2)(d)). Delivering the documents more than 7 days (not counting weekends and legal holidays) before the buyer signs avoids a cancellation window after signing.
• Milestone, turnover and SIRS statements. For contracts signed after December 31, 2024, the contract must state in conspicuous type whether the association is required to have a milestone inspection, a turnover inspection report or a SIRS and whether each has been completed. If completed, a matching 7-day clause applies to those reports (section 718.503(2)(e)). A contract that does not conform is voidable by the buyer before closing.
• Flood disclosure. Florida sellers of residential property must give the buyer a flood disclosure at or before signing, stating whether you know of flooding that damaged the property during your ownership, whether you have filed an insurance claim for flood damage to the property (including with the National Flood Insurance Program), and whether you have received assistance for flood damage (including from FEMA) (section 689.302).

Your Duty to Disclose Known Problems

In Johnson v. Davis, 480 So. 2d 625 (Fla. 1985), the Florida Supreme Court held that a home seller who knows of facts materially affecting the property’s value that are not readily observable and not known to the buyer must disclose them. Florida’s standard jury instructions cite the same rule. In a condo, that can include known leaks, water intrusion or other conditions inside your unit, and what you know about the building. If you are unsure whether something must be disclosed, or how an “as is” clause affects your duty, ask your attorney before you sign.

What Your Buyer’s Lender Will Check

Conventional condo loans that lenders sell to Fannie Mae or Freddie Mac must meet those agencies’ project standards. Fannie Mae’s March 2026 Project Standards Requirements FAQs and its Selling Guide (B4-2.1-03, Ineligible Projects, and B4-2.2-02, Full Review), together with Lender Letter LL-2026-03 as described in those FAQs, say:

• Critical repairs. A project in need of critical repairs is ineligible until the repairs are completed, even if a special assessment or association loan has been arranged to pay for them. Examples Fannie Mae gives include mold, water intrusion or potentially damaging leaks, advanced physical deterioration of load-bearing structures, roof failure, unsafe balconies, and foundation or parking structure problems.
• Failed inspections. Any project that fails a state, county or other mandatory inspection or certification for structural soundness, safety and habitability is not eligible, and a building that has not completed a required local recertification has no exception.
• Recent inspection reports. Lenders must review any structural or mechanical inspection report completed within the past 3 years, and may obtain documents from the seller, buyer or real estate agent if the association does not provide them.
• Reserves. Under a full project review, the association’s budget must allocate at least 10% of assessment income to replacement reserves; special assessments cannot substitute for it. A reserve study may be used as an exception, but for loan applications on or after August 3, 2026, the lender may not rely on the study’s baseline funding plan and must use the highest funding recommendation.
• Review changes in 2026. Fannie Mae’s Lender Letter LL-2026-03 retires the Limited Review process for loan applications dated on or after August 3, 2026.

For you as a seller, this means the building’s paperwork can decide whether a financed buyer can close. Knowing the building’s status before you list lets you price and market accordingly; if a building is ineligible, buyers whose loan would be sold to Fannie Mae may need a different loan program or to pay cash.

The Estoppel Certificate

Before closing, the association issues an estoppel certificate stating the regular and special assessments and other amounts owed on your unit, any capital contribution or transfer fees, open rule violations, whether the board must approve the transfer, any right of first refusal, other associations the unit belongs to, and insurance contacts. The association must issue it within 10 business days of a request from you, your designee or your lender; it is effective for 30 days, or 35 if mailed. The statute caps the preparation fee at $250, plus $100 for delivery within 3 business days and up to $150 more if the account is delinquent, with the caps adjusted for inflation every 5 years and published by the Department of Business and Professional Regulation (section 718.116(8), including (8)(f) and (8)(i)). The statute does not say whether buyer or seller pays it; who pays can be set in your purchase contract.

Seller Preparation Checklist

• ☐ Request the document package from the association as soon as you decide to sell, including the declaration, bylaws, rules, budget, financial statement and Q&A sheet.
• ☐ Get the milestone inspection summary and the SIRS, or the association’s statement that none is required or completed.
• ☐ Ask about special assessments approved or under discussion, and read the past 12 months of board minutes.
• ☐ Ask whether any critical repairs are outstanding and whether the building has passed its local inspections and recertification.
• ☐ Ask the association whether lenders have recently approved loans in the building and whether it completes lender questionnaires.
• ☐ Prepare your flood disclosure and a list of anything you know about the unit that a buyer could not readily see.
• ☐ Gather your unit records: renovation permits, association approvals for alterations, warranties and your HO-6 insurance details.

For the buyer’s side of the same process, see our Florida condo due diligence checklist.

Related Guides

Also see Florida condo special assessments explained and Broward vs. Palm Beach County condo inspection rules.

Town guides: Palm Beach · Highland Beach · Boca Raton · Hillsboro Beach · Pompano Beach · Deerfield Beach · Fort Lauderdale · Miami Beach.

Frequently Asked Questions

What documents does a Florida condo seller have to provide?

Current copies of the declaration, articles of incorporation, bylaws and rules, annual financial statement and budget, the Q&A sheet, the milestone inspection summary if applicable, the most recent SIRS or a statement that none has been completed, and any turnover inspection report for a turnover inspection on or after July 1, 2023, at the seller’s expense (section 718.503(2)(a)).

How long does a buyer have to cancel after getting the condo documents?

Seven days, not counting weekends and legal holidays, after signing and receiving the documents, unless the buyer received them more than 7 days before signing. The right ends at closing (section 718.503(2)(d) and (e)).

Can I sell my condo if the building needs major repairs?

Yes, but you must disclose what the law requires. Loans in a building that needs critical repairs are not eligible for sale to Fannie Mae until the repairs are completed, which can limit financed buyers.

Who pays a special assessment when a condo is sold?

Your purchase contract can allocate assessments between you and the buyer, but under section 718.116(1)(a) the buyer is jointly and severally liable to the association for unpaid assessments that came due before closing, and owes installments that come due after closing. The estoppel certificate lists what is owed and what is scheduled to come due, so read both before you sign.

Do I have to disclose problems in my condo?

Florida law requires a residential seller to disclose known facts that materially affect value, are not readily observable and are not known to the buyer (Johnson v. Davis, 1985), and the flood disclosure is required by statute. Talk to your attorney if you are unsure.

Does the building’s SIRS affect what I can sell for?

The SIRS shows the reserves the building needs and the funding plan, and the budget must follow it. Buyers and lenders read it, so a building’s reserve and inspection status can affect demand and financing. A local valuation that considers your building’s status is the best way to price.

Florida Condo Buildings We Cover

• Palm Beach oceanfront condos
• Highland Beach oceanfront condos
• Boca Raton oceanfront condos
• Hillsboro Beach condos on Hillsboro Mile
• Pompano Beach new construction condos
• Florida condo milestone inspection and SIRS guide (2026)
• Florida condo due diligence checklist

Sources

Checked October 24, 2026:

• Section 718.503, Florida Statutes (2026): seller documents, review periods, milestone and SIRS contract statements
• Section 718.111 (2026): association records and website posting
• Section 718.116 (2026): estoppel certificates and fees
• Section 689.302 (2026): flood disclosure
• Johnson v. Davis, 480 So. 2d 625 (Fla. 1985): seller’s duty to disclose known material defects
• Fannie Mae, Project Standards Requirements FAQs (March 2026) and Selling Guide B4-2.1-03, Ineligible Projects; Selling Guide B4-2.2-02, Full Review; Lender Letter LL-2026-03 (as described in the FAQs)

Last updated October 24, 2026. Building details come from county property records, public listings and government sources and are deemed reliable but not guaranteed. Prices are asking prices or estimates as of the date shown. Not legal, financial or engineering advice. Full disclaimer