If you own a condo in Miami and you’re thinking about selling, the rules of the game have changed significantly since the Surfside collapse in 2021. Florida’s legislature has moved fast — and the disclosure requirements that came out of it aren’t just procedural formalities. They’re deal-makers and deal-breakers. Before you list, you need to know exactly what the law now requires you to hand over to a buyer.
What SB 154 and HB 913 Actually Require
The two landmark pieces of legislation — Senate Bill 154 (2023) and the earlier HB 913 — fundamentally restructured what condo associations must do, and by extension, what sellers must disclose. Any building three stories or taller now faces mandatory milestone inspections: a Phase I visual inspection by a licensed engineer or architect once the building hits 30 years of age (25 years if within three miles of the coast), with Phase II structural analysis required if Phase I flags any concerns. These aren’t optional. Associations that fail to conduct them risk the state stepping in. As a seller, if your building has had a milestone inspection, that report must be made available to prospective buyers. If the inspection is overdue and hasn’t happened, that’s something buyers and their agents will absolutely ask about — and you need to answer honestly.
On top of milestone inspections, buildings with three or more stories must now complete a Structural Integrity Reserve Study (SIRS). This study assesses the long-term financial reserves needed to maintain load-bearing walls, floors, roofs, windows, plumbing, and electrical systems. Critically, associations can no longer vote to waive or reduce reserves for these items. If your building’s SIRS reveals that reserves are severely underfunded, that information flows directly to buyers — and it will affect their willingness to purchase and their ability to get financing.
Full HOA Financial Disclosure and the 7-Day Rescission Window
Florida law already required sellers to provide condo documents, but post-Surfside legislation expanded and tightened what buyers receive and how long they have to review it. Buyers are entitled to a full package: the declaration of condominium, articles of incorporation, bylaws, current rules and regulations, the most recent year-end financial statement, the current year’s budget, the association’s most recent reserve disclosure, and any pending special assessments. Once the buyer receives the complete document package, they have a 3-day right of rescission for resale condos — though some transactions trigger a full 7-day window depending on how and when documents are delivered. That means buyers can walk away, no penalty, simply by reviewing the financials and deciding they don’t like what they see. Sellers who delay or deliver incomplete packages often find themselves restarting the clock — and losing momentum with motivated buyers.
The Fannie Mae Restricted List Problem
Here’s the issue that’s quietly killing deals in Miami right now. Fannie Mae and Freddie Mac maintain lists of condo buildings that do not meet their lending guidelines — and with the new reserve and inspection requirements, the number of Miami buildings on those lists has grown considerably. If your building is on the Fannie Mae or Freddie Mac restricted list, your buyer cannot use conventional financing. That eliminates the majority of the buyer pool. They’d need to pay cash or find a portfolio lender, which drastically narrows who can actually close on your unit. Before you list, search the Fannie Mae and Freddie Mac lookup tools for your building. If it’s flagged, price and market accordingly, and be prepared to have direct conversations with interested buyers about financing alternatives.
Documents to Gather Before You List
The sellers who have smooth closings in today’s Miami condo market are the ones who do their homework upfront. Here’s what I tell every condo seller client to pull together before we go active: the most recent milestone inspection report (if applicable), the current Structural Integrity Reserve Study, the association’s current budget and most recent audited financial statements, documentation of any pending or recently passed special assessments, current monthly maintenance fee schedules and what they cover, proof of the association’s master insurance policy, and the building’s Fannie Mae/Freddie Mac eligibility status. Having these documents ready doesn’t just protect you legally — it signals to serious buyers that you’re transparent and organized, which builds confidence and keeps deals together.
The reality of Miami’s condo market right now is challenging. Inventory is sitting at more than 14 months of supply, and prices are down roughly 11% from peak levels. Buyers have options and they know it. The sellers who win in this environment are the ones who price accurately, disclose completely, and position their units as the low-risk choice in a sea of uncertainty. That’s a strategy — not just a legal obligation.
Ready to Make Your Move?
If you’re thinking about selling your Miami condo and want to understand exactly where you stand — with the disclosures, the market, and your pricing — I’m here to walk through it with you. No pressure, just straight answers. Let’s talk.
