Key Takeaways
- The Florida Condominium Act (Chapter 718) governs condominium operations and buyer protections
- Condo buyers have a 15-day rescission period after receiving required documents (3 days for resales)
- HOAs are governed by Chapter 720 with specific disclosure and operational requirements
- Condominium associations must provide a budget with required reserve funding disclosures
- Both condo and HOA documents must be available for buyer review before closing
Last updated: January 2026
Florida Condominiums and HOAs
Florida has extensive laws governing condominiums (Chapter 718) and homeowner associations (Chapter 720).
Condominium Act (Chapter 718)
Buyer Protections
Condo buyers have significant protections:
| Protection | Details |
|---|---|
| Rescission period (new) | 15 days from contract OR documents |
| Rescission period (resale) | 3 days from documents |
| Required documents | Declaration, bylaws, rules, budget |
| Oral representations | Not binding unless in contract |
Required Disclosures
Sellers must provide:
| Document | Content |
|---|---|
| Declaration | Legal description, common elements |
| Bylaws | Association governance |
| Rules and regulations | Use restrictions |
| Financial statements | Audited annual report |
| FAQ sheet | Prescribed statutory form |
Association Operations
| Requirement | Description |
|---|---|
| Board meetings | Open to owners, proper notice |
| Budgets | Annual, with reserve disclosures |
| Reserves | Required for roofs, painting, pavement |
| Records | Available for owner inspection |
| Elections | Democratic process for board |
Reserve Requirements
Condominium associations must address reserves:
| Reserve Category | Required For |
|---|---|
| Roof replacement | Yes |
| Building painting | Yes |
| Pavement resurfacing | Yes |
| Other major items | As determined |
Reserve Funding Disclosure
The budget must disclose:
- Whether reserves are fully funded
- Percentage of full funding
- If owners voted to waive reserves
- Impact of underfunding
Recent Change: After the Surfside collapse, Florida strengthened reserve requirements and structural inspection mandates.
HOA Act (Chapter 720)
Applicability
The HOA Act applies to:
| Covered | Not Covered |
|---|---|
| Subdivision HOAs | Condominiums (Chapter 718) |
| Planned communities | Cooperatives |
| Mandatory membership | Voluntary associations |
HOA Disclosure Requirements
| Disclosure | Timing |
|---|---|
| Summary disclosure | Before contract |
| Governing documents | Available for review |
| Financial information | Upon request |
| Estoppel certificate | Within 10 business days |
Buyer's Right to Cancel
If HOA disclosure not provided:
| Situation | Remedy |
|---|---|
| No disclosure before contract | Buyer can void contract |
| Late disclosure | 3 days to cancel after receipt |
Assessment and Collection
Special Assessments
Associations can levy special assessments:
| Type | Board Authority |
|---|---|
| Operating expenses | Per budget |
| Special assessments | May require owner vote |
| Emergency repairs | Board may authorize |
Collection of Assessments
| Tool | Description |
|---|---|
| Late fees | Per governing documents |
| Interest | At statutory rate |
| Lien | Recorded against unit |
| Foreclosure | For unpaid assessments |
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Test Your Knowledge
How long is the rescission period for a new condominium purchase in Florida?
A
B
C
D
Test Your Knowledge
Which of the following is NOT a required reserve category for Florida condominiums?
A
B
C
D