Florida's New Condo Law (HB 913): What Changed July 1 for Owners, Buyers and Investors

Florida's condo rules changed again on July 1, 2025. House Bill 913 was signed into law in June. It took effect this week, and it gives condo associations, owners and buyers some breathing room and more flexibility after the tough reforms that followed the Surfside collapse.

If you own a condo as an investment, are thinking about buying one in Sarasota or Bradenton, or plan to sell a unit, here's what changed and what to watch.

The Big Headline: More Time for the SIRS

Under the prior law, many condo associations had to finish a structural integrity reserve study (SIRS) by December 31, 2024. According to the Legislature's final bill analysis, HB 913 extends that deadline to December 31, 2025 for affected associations. Associations that hadn't finished now have more time to get it done right.

The bill also clarifies that milestone inspections and SIRS requirements apply to buildings that are three habitable stories or more.

New Ways to Fund Reserves

This is the part investors will care about most, because it affects monthly dues and assessments. Per the bill analysis, HB 913:

• Allows SIRS reserves to be funded with special assessments, lines of credit or loans, not just regular dues. Using these tools requires approval by a majority of the total voting interests.

• Allows pooled reserve accounts and a baseline funding plan for the reserve schedule. That gives boards more options than funding every component separately.

• Creates a temporary pause option. For budgets adopted on or before December 31, 2028, if the association completed a milestone inspection within the previous two calendar years, owners can vote (majority of total voting interests) to pause or reduce reserve contributions for up to two consecutive annual budgets. The goal is to put that money toward the repairs the inspection identified. A new SIRS is required afterward.

• Raises the threshold for budget reserve items from $10,000 to $25,000, adjusted for inflation going forward.

• Lets associations invest reserves in certificates of deposit or depository accounts without a vote of the owners.

For owners facing large increases, these changes may spread costs out over time instead of hitting all at once. They don't make the repairs cheaper, though. The work still has to be funded.

Budget, Meeting and Transparency Changes

A few more provisions worth knowing:

• Substitute budget rule. If a proposed budget would raise assessments above 115% of the prior year, the board must also propose a substitute budget without discretionary spending.

• Video-conference meetings are allowed, with recording requirements.

• More time for financial reports. Associations have 180 days after the fiscal year ends, instead of 120, to deliver the annual financial report.

• Online account with the state. All condo and co-op associations must create an online account with the Division of Florida Condominiums, Timeshares, and Mobile Homes by October 1, 2025, to provide requested information.

• Websites for more associations. Starting January 1, 2026, the requirement to post key documents online expands to associations with 25 or more units, under the 2024 law as amended.

• Insurance appraisals. Replacement-cost values used for association insurance must be updated at least every three years.

• Hurricane protection and evacuations. The bill limits when an association can charge an owner for removing or reinstalling hurricane protection. It also requires condo properties to be evacuated under any evacuation order for the area, not just mandatory ones.

What This Means for Condo Investors in Manatee & Sarasota

Underwrite the building, not just the unit. Before you buy, ask for the SIRS (or its status), the milestone inspection summary if one applies, the current budget, reserve balances, and any approved or proposed special assessments, loans or lines of credit. With the new financing options, an association could take on a loan that owners repay over time. That's a real cost in your cash-flow math.

Watch for pauses. A building that pauses reserve contributions to fund repairs may have lower dues today, but the pause has an end date and a new study afterward. Plan for dues to rise again.

Read the meeting minutes. Boards are making big decisions about funding methods right now. Minutes often tell you more than the budget.

For Sellers

If you're selling a condo, ask your association now where it stands on the SIRS, inspections and funding plan. Buyers, their lenders and their insurers will want those answers, and a seller who has them ready keeps the deal moving.

For Buyers

This law doesn't remove the need for due diligence. If anything, more funding options mean more variety from building to building. Two similar units in the same neighborhood can have very different financial pictures.

Let's Read the Documents Together

Condos can be great opportunities. The key is knowing exactly what you're buying into. If you're considering a condo in Manatee or Sarasota, I'll help you request and review the right documents. 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. It summarizes the Legislature's bill analysis; consult a Florida attorney or your association's professionals about your specific building. Equal Housing Opportunity.

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:

1. 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.

2. The SIRS, or a statement that the association hasn't completed one.

3. The current budget and financial statement. Look at the reserve line items and ask whether any waivers were used.

4. 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.