What documents should I review before buying a Florida condo, and how long do I have?
On a Florida resale, once you receive the required condominium documents (declaration, articles, bylaws, rules, the most recent year-end financial report, the governance form, and the FAQ document) you have 3 business days to cancel the contract for any reason. Developers on new construction must give 15 days. That window is your diligence period; use every hour of it.
The documents, and what each one tells you
- Declaration of condominium. The constitution: what you own, what is shared, and what the association can charge you for.
- Bylaws and rules. Daily life: rentals, pets, vehicles, renovations. If you plan to lease the unit seasonally, this is where dreams survive or die.
- Year-end financial report. The scoreboard: surpluses, deficits, reserve balances, delinquencies.
- The question-and-answer sheet and governance form. Standardized summaries worth skimming for surprises like pending litigation.
What the statute does not hand you
The legally required package is the floor, not the ceiling. The documents that most often change our clients' minds are ones you must request: the current budget, the reserve study (SIRS), the latest milestone inspection report, two years of board minutes, and the insurance declarations. Florida law entitles buyers to cancel within the window regardless of reason, so a seller has every incentive to produce these quickly.
How we use the window
Three business days is short. We front-load the work: request everything the day the contract is signed, read the minutes and financials the day they arrive, and get written answers to open questions before the clock runs out. The cancellation right cannot be waived, but it also cannot be extended by wishing.
Quick facts
- Resale: 3 business days to cancel after receiving the required documents
- New construction from a developer: 15 days
- The right cannot be waived in the contract
- The most revealing documents (minutes, SIRS, inspection reports) must be asked for separately
Sources: Florida Statute 718.503
This article is general information for Naples, Florida buyers, not legal, tax, or insurance advice. Laws, rates, and markets change. Please verify current details with the appropriate professional, and talk to us before relying on anything here in a transaction.
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Waterfront estate, golf villa, or gulf-front condo: we verify what matters before you commit. It is how we handle every purchase, at every price.
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