Hi neighbors,
Condo questions come up in almost every conversation I have with buyers right now. Since the state rewrote its condo safety rules, terms like SIRS, milestone inspection and “critical repairs” show up in listings, contracts and loan approvals across Manatee County.
So what do these rules mean for you as a buyer, and how do they affect your loan? Here’s my plain-English breakdown.
Quick answer
When buying a Florida condo in 2026, ask for the building’s milestone inspection summary and its structural integrity reserve study (SIRS). Buildings three habitable stories or taller need both. Fannie Mae treats projects needing critical repairs as ineligible until the work is done, which affects your financing in Manatee County and statewide.
Why Florida condo rules changed
In 2022, Florida lawmakers created two building safety requirements for condos: milestone inspections and structural integrity reserve studies. In 2025, HB 913 adjusted both, effective July 1, 2025.
The goal is simple. Older buildings get inspected on a schedule, and associations save enough money for the big structural items before they fail. For buyers, that means more information than ever before, and sometimes higher monthly dues or special assessments.
| Requirement | What the law says |
|---|---|
| Which buildings | Condo and co-op buildings three habitable stories or more |
| First milestone inspection | By December 31 of the year the building turns 30 (25 if the local agency requires it) |
| Repeat inspections | Every 10 years |
| SIRS deadline | December 31, 2025, or December 31, 2026 if done alongside a milestone inspection due that year |
| SIRS updates | At least every 10 years |
| Resale cancellation window | 7 days, excluding weekends and legal holidays |
Source: Florida Statutes s. 553.899 (2025), CS/CS/HB 913 (2025) bill summary and the DBPR condominium timeline. Rules in effect as of November 2026.
What a milestone inspection tells you
A milestone inspection is a structural check of the building, done by a licensed architect or engineer. It happens in two phases.
1. Phase one
A visual examination of the building’s major structural components. If the inspector finds no substantial structural deterioration, the inspection stops here.
2. Phase two
Required only when phase one finds substantial structural deterioration. It can include testing to understand the problem. Under HB 913, counties must require associations to begin repairs within 365 days after receiving a phase two report.
Within 45 days of receiving the report, the association must send every owner an inspector-prepared summary and post it on the property. Here in Manatee County, the Building and Development Services department runs a Condo Milestone Inspection Program for buildings three stories or taller.
One thing to watch: a phase two finding is not a reason to walk away on its own. It is a reason to ask what repairs are planned, what they cost and how they will be paid for.
What a SIRS shows about a building’s finances
A structural integrity reserve study looks at the major parts of the building and estimates how much money the association should set aside to repair or replace them. Under the law, a SIRS must cover:
- Roof and structure. Including load-bearing elements.
- Fireproofing and fire protection. The systems that protect the building.
- Plumbing and electrical. The building’s core systems.
- Waterproofing and exterior painting. Key in our coastal climate.
- Windows and exterior doors. Plus any other item over $25,000 that affects these components.
The SIRS must also include a baseline funding plan that keeps the reserve balance above zero. Associations required to have a SIRS can no longer vote to waive these reserves.
Questions to ask about the SIRS
- Is it complete? If not, the seller must give you a statement saying so.
- Are the reserves funded on schedule? Compare the SIRS plan with the current budget.
- Has the board paused reserves? HB 913 lets owners vote to pause or reduce contributions for up to two budget years after a milestone inspection.
- How will repairs be paid for? Associations can use a special assessment, a line of credit or a loan with owner approval.
Source: House staff analysis of CS/CS/HB 913, dated April 17, 2025.
How SIRS and inspections affect condo financing
This is where many buyers get surprised. Your lender reviews the condo project, not just you. If the building doesn’t meet the loan program’s standards, the loan may not move forward, even with strong credit.
Fannie Mae’s Selling Guide, updated August 5, 2026, lists projects that are ineligible. They include buildings that:
- Need critical repairs. Repairs that significantly affect safety, soundness, structural integrity or habitability. The project stays ineligible until the work is completed and documented.
- Failed a mandatory inspection. Failing a state, county or other required inspection counts as needing critical repairs.
- Have large unfunded repairs. Unfunded repairs costing more than $10,000 per unit that should happen within 12 months.
- Carry a special assessment for an unfixed critical repair. Until the issue is fixed, the project is ineligible.
Lenders must also review any structural or mechanical inspection done within the past 3 years. For a full project review, Fannie Mae looks for at least 10% of the association’s budget going to reserves, or a qualifying reserve study.
Source: Fannie Mae Selling Guide B4-2.1-03, Ineligible Projects and B4-2.2-01, Full Review Process, both dated August 5, 2026.
Fannie Mae offers a Condo Status Finder to associations and their managers. It is not public, so ask the association or your lender to check a building’s status early. If a building doesn’t qualify, ask your lender about other loan options and how their terms compare.
What this means if you’re buying a Florida condo
- Get the documents early. As a resale buyer, you are entitled to the declaration, bylaws, rules, budget, financial statement, milestone summary, SIRS and a governance form, at the seller’s expense.
- Read the disclosure in your contract. Resale contracts must state whether the association has completed, or must complete, a milestone inspection, turnover inspection report or SIRS.
- Use your 7 days. You can cancel a resale contract in writing within 7 days, excluding weekends and legal holidays, after signing and receiving the documents.
- Talk to your lender first. Ask them to review the condo project before you commit to inspections and appraisals.
- Budget for the full picture. Look at dues, reserves and any planned or pending special assessments together.
Source: Florida Statutes s. 718.503 (2026).
Associations with 25 or more units must also post key documents on a website, which makes early research easier. If you’re weighing payments, my post on what Bradenton buyers can do with today’s mortgage rates pairs well with this one, and my free Manatee County buyer guide walks through every step.
Thinking about downsizing into a condo?
Condos often come up when buyers want less exterior upkeep, a simpler layout or a lock-and-leave home. Those benefits are real, and the new rules mean you can see a building’s condition and savings plan more clearly than ever.
If you’re selling a house to buy a condo, timing matters. A building’s loan eligibility can affect your closing date, so I like to review the condo documents before we set your listing date. You can start with a free home value estimate to see where your current home stands.
Frequently asked questions
What is a SIRS for a Florida condo?
A structural integrity reserve study estimates the repair and replacement costs of a condo building’s major parts, like the roof, structure, plumbing, electrical, waterproofing and windows. It is required for buildings three habitable stories or taller and must be updated at least every 10 years.
Does every Florida condo need a milestone inspection?
No. Milestone inspections apply to condo and co-op buildings three habitable stories or more. The first one is due by December 31 of the year the building turns 30, or 25 if the local agency requires it, then every 10 years.
Can I get a mortgage on a condo that needs critical repairs?
Usually not through Fannie Mae. Its Selling Guide treats projects needing critical repairs as ineligible until the repairs are completed and documented. Some lenders offer other loan options, so talk with your lender early about the specific building.
How long do I have to cancel a Florida condo resale contract?
Florida law gives resale buyers 7 days, excluding Saturdays, Sundays and legal holidays, to cancel in writing after signing and receiving the required association documents, unless you received them more than 7 days before signing.
Should I avoid a condo with a special assessment?
Not automatically. A special assessment can mean the association is fixing problems responsibly. Ask what it covers, how much remains, when it will be paid off, and whether the repairs are complete, since lenders review all of this.
Let’s talk about your next move
Buying a condo in 2026 takes a few more documents and a few more questions, but you don’t have to sort through them alone. I’m happy to help you read the milestone summary, compare SIRS plans and line up a lender who understands condo reviews.
Ready to talk about your goals? Call or text our team at 941-565-7233 or send us a message.
Warmly,
Selina Griggs
Broker Associate, SG Global Group at eXp Realty
Specializing in Manatee and Sarasota County, and helping buyers and sellers anywhere in Florida
Sources: Florida Statutes ss. 553.899 and 718.503, CS/CS/HB 913 (2025), DBPR and Fannie Mae Selling Guide (August 5, 2026). Information deemed reliable but not guaranteed. This article is general information, not financial, tax or legal advice.
