Florida's Condo Safety Deadline Is December 31: What Buyers and Sellers Need to Know
If you own, sell or are thinking about buying a condo in Sarasota, Bradenton or anywhere along our coast, December 31, 2024 is a date to know. It's the deadline for many Florida condominium associations to finish two safety requirements created after the 2021 Surfside collapse: the milestone inspection and the structural integrity reserve study (SIRS). Add this week's Federal Reserve decision, and there's a lot for condo buyers and sellers to think about heading into 2025.
Here's a plain-English rundown of what the law requires and what it means for you in Manatee and Sarasota counties.
Milestone Inspections: Who Needs One and When
Under section 553.899, Florida Statutes, condominium and cooperative buildings three stories or more need a milestone inspection by December 31 of the year the building turns 30, then every 10 years after that. Buildings that reached 30 years of age before July 1, 2022 must have their inspection done before December 31, 2024.
The inspection is performed by a licensed architect or engineer and looks at the building's structural condition. If problems turn up, a more detailed second phase may be required. The inspector also prepares a summary of the report, and that summary matters for buyers (more on that below).
SIRS: The Reserve Study That Changes Budgets
The SIRS requirement is in section 718.112(2)(g), Florida Statutes. It applies to residential condo buildings three stories or higher. Associations that existed on or before July 1, 2022 and are controlled by unit owners must complete a SIRS by December 31, 2024.
The study must cover major building components, including:
Roof
Structure and load-bearing walls
Fireproofing and fire protection systems
Plumbing and electrical systems
Waterproofing and exterior painting
Windows and exterior doors
Other items with a deferred maintenance expense or replacement cost over $10,000 that affect the items above
The biggest change for owners is this: for budgets adopted on or after December 31, 2024, the owners of an association that must have a SIRS can no longer vote to waive or reduce reserves for those items. For buildings that have relied on waivers for years, that can mean higher monthly dues, special assessments or both.
What Buyers Should Ask For
If you're shopping for a condo in a building three stories or taller, add these to your due-diligence list:
The milestone inspection summary, if one was required. Under section 718.503, Florida Statutes, a resale buyer is entitled, at the seller's expense, to the inspector-prepared summary of the milestone report, if applicable.
The SIRS, or a statement that the association hasn't completed one.
The current budget and financial statement. Look at the reserve line items and ask whether any waivers were used.
Minutes and notices that mention planned assessments, loans or major repairs.
Starting with contracts signed after December 31, 2024, each condo sale contract must state in conspicuous type whether the association is required to have a milestone inspection or SIRS and whether it has completed them. Florida resale contracts also give you a short review period for key association documents, generally 3 business days, so read them promptly.
What Sellers Should Do Now
If you're planning to list a condo in 2025, get ahead of buyers' questions:
Ask your association for copies of the SIRS and milestone summary, or the status of each.
Find out whether the 2025 budget includes higher reserve contributions and what your new monthly dues will be.
Ask whether any special assessments have been approved or are being discussed.
Buyers and their lenders will be asking, and a seller who has answers ready looks more credible and can avoid delays.
For Investors
Condo rentals can still pencil out, but your numbers have to include realistic dues. Reserve funding that used to be optional for some buildings is now mandatory for SIRS items, so last year's HOA figure may be too low. Build in a cushion for assessments, and check the building's rental rules while you're at it.
The Fed Cut Rates Again on December 18
On Wednesday the Federal Reserve lowered its benchmark rate by a quarter point, to a target range of 4.25%–4.50%. That's the third cut since September. Mortgage rates don't follow the Fed one-for-one, though. Freddie Mac's Primary Mortgage Market Survey showed the 30-year fixed averaging 6.72% for the week of December 19, 2024. For condo buyers, that makes the monthly picture a combination of rate, dues and insurance. Run all three before you make an offer.
Let's Look at the Building Together
Not every condo is affected the same way. Buildings under three stories aren't covered by these requirements, and some associations are already well funded. The key is knowing which situation you're walking into. If you're buying or selling a condo in Manatee or Sarasota, I'll help you get the right documents and understand what they say. Call or text me at (941) 993-8311 or reach out through my contact page.
Luis Odon, REALTOR® Keller Williams Coastal Living II (941) 993-8311
This article is general information only and is not legal or financial advice. Condominium laws are complex and change often; consult a Florida attorney or your association's professionals about your specific building. Equal Housing Opportunity.
