Condo with assessments
Selling a condo with assessments coming
Some Florida condo owners are seeing higher monthly fees and special assessments since the state changed its condo safety laws. If you would rather sell than keep paying, we can make a written cash offer on your unit as it is.
- A written cash offer
- No repairs or cleaning
- No showings
- No agent commission charged to you
- You pick the closing date
Get your cash offer
Tell us about the house. No obligation.
- Step 1: About the house
- Step 2: Where and who
Why assessments are showing up now
After the 2021 building collapse in Surfside, Florida added two big requirements for condo buildings three habitable stories or taller.
The first is a milestone inspection: a structural inspection by a licensed engineer or architect, due when a building reaches 30 years old and every 10 years after. Local officials can set it at 25 years. If the first phase finds substantial structural deterioration, a deeper second phase is required.
The second is a structural integrity reserve study, which looks at major items like the roof, structure, fireproofing, plumbing, electrical, waterproofing, windows and exterior doors, and sets the savings needed to repair or replace them. The law now generally prevents associations from waiving those reserves.
Repairs and reserves cost money, and associations collect it from owners through higher fees, special assessments or both. The state’s condo division has information on the reserve study requirement and a condo owners’ FAQ.
How we handle the assessment in an offer
Every building is different, so we start by reading what you have: the latest budget, any assessment notices, and the milestone inspection or reserve study if the association has shared them.
Who pays an assessment that has been approved but not yet collected is something the contract has to say clearly. We write it into the offer, so you know before you sign who covers what and what you walk away with.
- Your most recent association statement
- Any special assessment notice or meeting minutes
- The milestone inspection report or reserve study, if you have them
Association rules still apply
We buy condos as they are, but we buy them subject to your building’s rules. Many condo documents require the association to approve a new owner, or set rules about leasing. If yours do, that approval is part of the timeline, and we will plan the closing date with it in mind.
If the association has a right to review or approve the sale, we follow its process like any other buyer.
Is selling the right call?
Not always. If the work is done and fees settle, the unit may be worth more later, and a listing may bring more from a buyer who wants to live there. If the assessments are more than you want to carry, a written offer lets you see your number now and decide with real figures.
Three steps.
Tell us about the house
Address and a phone number.
Get a written cash offer
Based on the house. No obligation.
Close on your date
A title company handles the closing.
Questions.
Will you buy a condo with a special assessment that is already approved?
Yes. The written offer says who pays the assessment, so you know exactly what you walk away with before you sign.
Does the association have to approve you?
If your condo documents require approval of a new owner, yes, and we go through it like any buyer. Your association or its manager can tell you what its process is.
Which buildings need a milestone inspection?
Under section 553.899, condo and co-op buildings three habitable stories or taller, starting at 30 years old (or 25 where local officials set it) and every 10 years after. Your association can tell you where your building stands.
Can you tell me if my building is safe?
No. We are a buyer, not engineers. The association’s milestone inspection and reserve study are the documents to read, and your association is the place to ask.
Where we buy.
Find out what your house is worth to us.
Asking costs nothing