Condo fees and special assessments

Section 718.112 says that for a budget adopted on or after December 31, 2024, owners of a condominium that must have a structural integrity reserve study may not decide to provide no reserves, or less than required, for the items in that study: roof, structure, fire protection, plumbing, electrical, waterproofing and exterior painting, windows and exterior doors. Before, many buildings voted every year to skip them. So when comparing fees, ask how much of the fee goes to reserves.

Section 718.116 makes a unit owner liable for all assessments that come due while they own the unit and, in addition, jointly liable with the previous owner for unpaid assessments up to the transfer. In practice, before closing an estoppel certificate is requested showing what is owed and any approved assessments. Ask Carolina for the recent board minutes: a big project shows up there before it shows up in the fee.

Section 718.111 requires associations managing a condominium of 25 or more units (without timeshares) to post digital copies of certain documents on their website or a mobile app, including budgets, financial statements and studies. On a resale you are also entitled to receive the budget and latest financial statement before your 7-business-day cancellation window runs (s. 718.503).