Updated October 28, 2026. Buying a condominium in Naples or Marco Island means evaluating more than the unit itself. The association's rules, finances, insurance, inspections and reserve planning can affect monthly costs, future assessments and how you may use the property.
This practical checklist explains the documents a Florida resale-condo buyer should review, why they matter and which questions to raise before important contract deadlines pass.
Start with Florida's required resale disclosures
For a nondeveloper condominium resale, section 718.503 of the 2026 Florida Statutes says a prospective purchaser who has entered into a contract is entitled, at the seller's expense, to current copies of the declaration, articles of incorporation, bylaws and rules, annual financial statement, annual budget, applicable inspection materials, the most recent structural integrity reserve study or a statement that one has not been completed, and the association's Frequently Asked Questions and Answers document.
The same statute contains a seven-day review and cancellation framework for residential resales, excluding Saturdays, Sundays and legal holidays, when the documents are received after contract execution. The exact deadline and procedure depend on the contract, the documents delivered and the transaction. Do not rely on a blog post to calculate it. Confirm the deadline in writing with your real estate attorney and transaction professionals as soon as the documents arrive. The statutory right ends at closing.
1. Declaration, articles, bylaws and rules
These documents establish what belongs to the unit, what is a common or limited common element, and how the association operates. Look for restrictions affecting pets, leasing, vehicles, guests, renovations, flooring, hurricane protection, balconies, docks and storage. A rule that matters to your plans should be verified in the current documents, not assumed from a listing description or conversation.
Also check who maintains and pays for items such as windows, exterior doors, shutters, plumbing lines, air-conditioning components and limited common elements. Responsibility can vary by condominium.
2. Current budget and year-end financial statement
Compare regular assessments with the services included. Then examine major expense categories, reserve contributions, loans, insurance costs and any deficit or carry-forward balance. Monthly fees alone do not show the whole financial picture.
Useful questions include:
- Has the current budget changed since it was adopted?
- Are any special assessments approved, proposed or being discussed?
- Does the association have outstanding loans or lines of credit?
- Are a meaningful number of owners delinquent?
- Which large projects are expected during the next several years?
A reserve balance is not automatically sufficient or insufficient by itself. It needs context: the building's components, their remaining useful lives, projected repair costs and the association's funding plan.
3. Structural Integrity Reserve Study, when applicable
A Structural Integrity Reserve Study, commonly called a SIRS, is a planning study for certain building components that an association must maintain. The Florida Department of Business and Professional Regulation explains that it evaluates covered components, existing reserve funds and a funding schedule for anticipated repair or replacement costs. The state's current guidance identifies roofs, structural systems, fireproofing and fire-protection systems, plumbing, electrical systems, waterproofing and exterior painting, windows and exterior doors, plus certain other structural items.
Read the entire study, not only the funding recommendation. Note the inspection date, assumptions, remaining useful-life estimates, projected costs, funding method and whether the association's adopted budget aligns with the latest study. If the resale package says a required study has not been completed, ask your attorney what the contract disclosure means for your transaction.
See the state's current DBPR condominium inspection and SIRS guidance for definitions and applicability.
4. Milestone inspection summary and related repairs, when applicable
A milestone inspection is a structural inspection of an aging condominium or cooperative building intended to determine whether substantial structural deterioration exists. DBPR says covered buildings generally reach the first milestone at 30 years and every 10 years afterward; a local enforcement agency may require the first inspection at 25 years based on local circumstances.
For an applicable building, review the inspector-prepared summary and ask whether:
- Phase 1 found evidence requiring a Phase 2 inspection;
- recommended or required repairs are complete, contracted, budgeted or still pending;
- permits have been issued and professional follow-up reports are available; and
- the project may affect access, amenities, noise, assessments or insurance.
A completed inspection should not be treated as a simple pass/fail label. The findings, repair scope, timeline and funding are what matter.
5. Turnover inspection material for newer associations
Florida's resale disclosure list also includes an applicable turnover inspection report for a turnover inspection performed on or after July 1, 2023. This can be especially relevant when control recently shifted from a developer to unit owners. Ask whether the report identified construction, maintenance or safety items and whether corrective work remains open.
6. Board and membership meeting minutes
Review at least the recent meeting history available for the association. Minutes can reveal projects and decisions that a budget snapshot may not fully explain, including insurance renewals, engineering work, roof or elevator planning, litigation, vendor changes, rental-rule discussions and proposed assessments.
Meeting minutes are not a substitute for final contracts, inspection reports or legal documents. Use them to identify issues that deserve follow-up and written verification.
7. Association insurance and unit-owner coverage
Ask for the association's current insurance information and clarify the boundary between the master policy and the coverage a unit owner should obtain. A lender and insurance professional may need the condominium's declarations, deductibles, valuation information, loss-assessment terms and evidence of flood coverage before loan approval or binding a policy.
Do this early. Coastal location, building age, construction type, inspection history and association insurance can affect availability, cost and lender requirements. Flood coverage is separate from a typical homeowners policy, and coverage decisions should be reviewed with a licensed insurance professional.
8. Frequently Asked Questions and Answers and governance form
The statutory package is meant to help buyers understand the association as well as the unit. The Frequently Asked Questions and Answers document may summarize matters such as voting rights, leasing and assessments. Florida also provides a condominium governance form covering board responsibilities, meetings, owner access to records and assessment obligations.
Use summaries as a guide, but resolve any conflict by referring to the recorded declaration, governing documents, applicable law and professional advice.
9. Estoppel, assessments and closing figures
Your closing professionals may obtain an association estoppel certificate to verify account information associated with the unit. Separately, buyers should ask for written confirmation of current regular assessments, approved special assessments, transfer or application fees, capital contributions and any balance due at closing.
Contract language determines how many of these items are allocated between buyer and seller. Confirm the amounts and responsibilities with the title or closing agent and, when appropriate, a Florida real estate attorney.
A practical review sequence
- Request the complete package immediately. Record when each document was received.
- Read use restrictions first. Confirm that leasing, pets, vehicles and renovation rules fit your plans.
- Review finances and inspections together. Compare expected projects with reserves, assessments, loans and the current budget.
- Get specialists involved early. Your attorney, lender, inspector and insurance agent may need different documents.
- Put follow-up questions in writing. Keep the answers and source documents with the transaction file.
- Track contract dates. Do not assume a missing document automatically extends every deadline.
Questions buyers often ask
Does a high monthly condo fee mean the association is financially unhealthy?
No. A fee should be evaluated against what it covers, the building's obligations, current insurance, reserves, services and upcoming projects. A lower fee can be less reassuring if it is paired with underfunded needs or frequent special assessments.
Is a milestone inspection the same as a unit inspection?
No. A milestone inspection addresses the building's structural condition under Florida law. A buyer's unit inspection has a different scope and does not replace review of association inspections, reserves or governing documents.
Should every condo have a SIRS?
No. Applicability depends on the building and statutory criteria. Ask for the study if applicable or the disclosure stating that it has not been completed or is not required, then verify the explanation with appropriate professionals.
Can a buyer rely only on the seller's summary?
A summary is a starting point. Important details often appear in the full declaration, amendments, budget, financial statement, inspection reports, reserve study, minutes and contract documents.
Explore Naples and Marco Island condos
Ready to compare buildings and communities? Browse current condos for sale in Naples and condos for sale on Marco Island. Our Naples and Marco Island home-buying guide explains how The Fahey Team supports buyers from the first search through closing.
For local real estate guidance, call The Fahey Team at 239-595-9093 or contact The Fahey Team.
Important: This article provides general educational information as of October 28, 2026. It is not legal, tax, lending, engineering or insurance advice. Laws, contracts, association documents and property conditions differ. Consult qualified Florida professionals about your transaction.