06/25/25 – Note that the laws on this just changed and the timelines for condominiums to complete the reports has been EXTENDED. You may read about these changes HERE. Basically though: “The new law, which will take effect July 1, includes extending the deadline for Structural Integrity Reserve Study (SIRS) to Dec. 31, 2025, and narrows the application of both the milestone inspection and SIRS studies from three stories or more, to three habitable stories or more. It also allows for a temporary pause in reserve funding for two years immediately following a milestone inspection, thus providing a longer timeline for associations that need it. Additionally, it gives condo associations flexibility on meeting reserve requirements and allows associations to use lines of credit to satisfy reserve obligations if a majority of owners approve.”
The new (2025) condominium rider…
Now requires that the Seller disclose if the condoiminium:
- is the condominium if required to, and has completed a, milestone inspection report as described in Section 553.899, F.S.
- is required to and has completed a turnover inspection report for a turnover inspection performed on or after July 1, 2023, as described in Section 718.301(4)(p) and (q), F.S.
- is required to and has completed a structural integrity reserve study as described in Sections 718.103(28) and 718.112(2)(g), F.S.
And if the Buyer requestes these documents then the Seller must provide them and the Buyer MAY GIVE WRITTEN NOTICE OF THE BUYER’S INTENTION TO CANCEL WITHIN 3 DAYS, EXCLUDING SATURDAYS, SUNDAYS, AND LEGAL HOLIDAYS, AFTER THE DATE OF EXECUTION OF THIS AGREEMENT BY THE BUYER AND RECEIPT BY BUYER OF A CURRENT COPY OF THE INSPECTOR-PREPARED SUMMARY OF THE MILESTONE INSPECTION REPORT AS DESCRIBED IN SECTION 553.899, FLORIDA STATUTES, IF APPLICABLE;
So, basically, if the condominium has a milestone inspection report, and/or a turnover inspection report, and/or a structural integrity reserve study then, similar to the condo documents langauge, IF the Buyer requests these then the they must be provided by the Seller. If the Buyer does not like what they find in those reports then they can cancel the Contract within 3 business days of receipt of these requested reports.
