COA FAQs

Yes, and the estoppel certificate will reveal it even if you forget. Florida Statute 718.503 requires disclosure through the contract rider, and incomplete delivery lets a buyer void the deal entirely. The sharper move for a buyer is negotiating contract language that obligates the seller to pay every pending and levied assessment in full at...

Everything changed after the 2021 Champlain Towers collapse. Senate Bill 4-D now forces older condo buildings to complete structural inspections and fully fund reserves, and that reform reshaped the market. Buyers today face steeper HOA fees, six-figure assessments, tighter financing, and a stack of reports. An agent who reads those reports fluently has become...

Check the HUD condo lookup for FHA approval, then have a local lender screen the building against Fannie's rules. Scaffolding, unfunded critical repairs over $10,000 per unit, thin reserves, or an all-cash sales history signal trouble. The association's questionnaire, often returned 20 days later, is the common deal-killer. Non-QM financing remains the fallback when a project...

Not necessarily, though current data favors single-family homes. South Florida condo prices fell roughly 8% to 10% over the past year while single-family values rose 3% to 7%. Condos may be near a bottom, yet association costs and insurance keep climbing. Your intent matters most, since a home you will actually enjoy changes the calculation...

Yes, largely. Florida's Condominium Act forces the developer to escrow your deposit up to 10% of the price. That money can only close your purchase or come back to you. Deposits above 10% may fund construction if your contract permits. The bigger danger is a stalled project, not a stolen deposit. #video-if-i-buy-a-pre-construction-condo-is-my-deposit-safe# How Florida Law...

It depends on the price and your risk tolerance. A failed milestone inspection or pending assessment usually blocks Fannie and Freddie financing, pushing you toward non-QM loans at higher rates. Verify what the work costs, whether it has started, and whether it is on budget. Condo ownership also means surrendering control over every building decision to the...

A condo purchase means more than picking a unit you love. You also inherit an association that controls the budget, reserves, and rules. Florida now forces those accounts to stay fully funded, and six-figure assessments have hit older buildings. Review the finances and confirm who pays future bills before you sign. #video-what-do-i-need-to-look-for-when-buying-a-condo# Understand...

An estoppel letter is a certified statement of what an owner owes an association, or of a tenant's actual lease terms. Florida associations get 10 business days to deliver one. Order it late and your title company cannot calculate payoffs or clear title. No lender funds a purchase without clear title, so your closing simply...

Not all 55+ communities deliver what they advertise. Many with impressive amenity sets have quiet clubhouses and empty pools, so visit at different times before you commit. Federal HOPA rules require 80% of units to house someone 55 or older. Budget carefully for monthly fees running $200 to over $1,000, plus one-time capital contributions at...

Get the association documents before you go under contract, or as early as possible once you do. Florida law gives buyers a right of rescission if those documents are not delivered within a specific time frame. Beyond that legal protection, the real risk is financial. Special assessments in South Florida condos now regularly run $50,000 to $200,000 per unit. The only way to see...