The Condominium rider to the FAR BAR Contract states at the end of it that:
STRUCTURAL INTEGRITY RESERVE STUDY: Pursuant to Section 718.503(2)(a)6, F.S., Buyer who has entered into this Contract is entitled, at Seller’s expense, to receive from Seller, before the sale of the Property, a copy of the Association’s most recent structural integrity reserve study or a statement that the Association has not completed a structural integrity reserve study.
What is this? Well following the collapse of the Surfside tower the Florida legislature made some changes. Effective December 31, 2024, a residential condominium must have a structural integrity reserve study completed at least every 10 years after the condominium’s creation for each building on the condominium property that is three stories or higher in height as determined by the Florida Building Code?
What is it?
A structural integrity reserve study is a study of the reserve funds required for future major repairs and replacement of the condominium property performed as required under s. 718.112(2)(g).
For a budget adopted on or after December 31, 2024, the members of a unit owner controlled association that must obtain a SIRS may not determine to provide no reserves or less reserves than required for items listed in paragraph (g).
For a budget adopted on or after December 31, 2024, the members of a unitowner controlled association that must obtain a SIRS may not vote to use reserves, or any interest accruing thereon, for any other purpose other than the replacement or deferred maintenance costs of the components listed in paragraph (g).
The SIRS must identify each item being visually inspected, state the
estimated useful life and the estimated replacement cost or deferred
maintenance expense of each item, and provide a reserve funding schedule with a recommended annual reserve amount that achieves the estimated cost or deferred maintenance expense of each item inspected by the end of the estimated remaining useful life of the item.
