In addition to the steps involved in buying a single-family home, condo purchases have a few extra nuances you’ll need to know.
SIRS & Milestone Inspection Requirements
Under Florida’s landmark Structural Integrity Reserve Study (SIRS) and Milestone Inspection laws, multi-story buildings must complete comprehensive structural safety inspections and maintain fully funded financial reserve accounts. These are legally mandated buyer protections.
Before closing, always request the SIRS Report and Milestone Phase 1 results. These documents confirm the building’s structural health and help protect you from surprise Special Assessments for costly roof, seawall, or elevator repairs shortly after moving in.
What to Request From the Association:
- SIRS Report with a detailed Funding Percentage breakdown.
- Milestone Phase 1 Inspection Results.
- Current Reserve Account Balance Statement.
- Estoppel Letter confirming no pending Special Assessments.
Pro Tip for Condos (Zone AE): If a condo is located in Zone AE, check the Elevation Certificate. Many units are built above ground level on podium structures or upper floors. A finished floor elevation well above the Base Flood Elevation (BFE) can keep “walls-in” HO-6 flood insurance premiums highly affordable.
Storm Resilience & Insurance Savings
Always request a copy of the building’s Wind Mitigation Inspection from the seller. A passing report verifying impact glass, reinforced roof ties, or storm shutters can reduce your personal interior HO-6 insurance premiums by 30% to 50% annually.