Blog > Buying a Condo in Florida: a Step-by-Step Guide for Older Towers

Buying a Condo in Florida: a Step-by-Step Guide for Older Towers

by Julia Ray

✓ Reviewed by Julia Ray, Broker and Owner, Raydiant Realty · Florida broker license BK3433857 · Reviewed October 21, 2026 · Our research process

Key takeaway: When you buy a resale condo in Florida, the law gives you 7 days, not counting weekends and holidays, after you receive the association's documents to cancel in writing, and that right ends at closing. Those documents, including the latest structural integrity reserve study and milestone summary, tell you what an older Hallandale Beach tower will cost to own. Ask for them before you negotiate, order the estoppel early and have your lender review the building before your financing deadline.

Who this guide is for: You're buying a condo in Florida, often in an older Hallandale Beach tower and sometimes from out of state or abroad, and want the order of steps, the documents to read and the deadlines that protect you.

At a glance
Right to cancel (resale)	7 days after receiving documents, excl. weekends and legal holidays; ends at closing
Documents the seller pays for	Declaration, bylaws, rules, budget, financial statement, milestone summary, SIRS, FAQ, governance form
Closing extension	Buyer may extend closing up to 7 days after receiving documents
Estoppel certificate	Within 10 business days; valid 30 days (35 by mail)
Estoppel fee cap	$250, plus $150 if delinquent, plus $100 if expedited
Unpaid assessments	Buyer jointly liable with seller
Fannie Mae red flags	Critical repairs, litigation, 20%+ single owner (21+ units), hotel operation
HO-6 loss assessment	At least $2,000 by statute

Buying a Condo in an Older Hallandale Beach Tower: Documents First

Buying a condo in Florida is won on document clocks, not on price. Three of them decide whether you can still walk away: the 7-day window after you receive the association's documents, the estoppel certificate's 30-day life and the lender's review of the building. In Hallandale Beach, where listing records place most South Ocean Drive towers in the 1970s, those documents carry the repair bills that Florida's post-2022 laws put on current owners.

So ask for the documents first and argue price second. A unit that looks cheap can carry a reserve gap or a pending assessment that a pricier unit next door doesn't. Our Hallandale Beach condo buyer's guide compares the buildings, and the laws behind the documents are summarized in our Florida condo law overview.

Is Buying a Condo in Florida a Good Idea?

It depends on the building more than the state. In Hallandale Beach, Zillow's typical home value, which blends condos and houses, was $279,430 in September 2026, down 2.9% from a year earlier and below its March 2024 peak of $336,081. Falling prices help you as a buyer, but only if the unit's future costs are known.

The cost that changed is the building's. Since budgets adopted from December 31, 2024, owners can't vote away reserves for the structural items in the SIRS, and repairs found by a phase two milestone inspection must begin within 365 days. If a building has already funded those, its dues are closer to their real level. If it hasn't, you're buying the catch-up. Our Florida condo market page follows prices; the steps below tell you which kind of building you're looking at.

Steps for Buying a Condo in Florida

Step 1: Shortlist condo buildings by their documents

Before touring, ask the listing side for the latest SIRS, milestone summary, budget and last 12 months of board minutes. Associations with 25 or more units must post many of these online from January 1, 2026, so some are a download away.

Step 2: Write a condo offer that keeps the 7-day window

A resale contract must either let you cancel in writing within 7 days of receiving the documents, excluding weekends and holidays, or state that you received them more than 7 days before signing. If you're shown documents early, read them before you sign, since that second option closes the window.

Step 3: Review the condo resale documents

At the seller's expense you get the declaration, articles, bylaws and rules, the annual budget and financial statement, the milestone summary if there is one, the latest SIRS or a statement that none exists, any turnover inspection report, the FAQ sheet and a governance form. Read the SIRS funding schedule against the budget's reserve line; our guide to reading a SIRS walks through it.

Step 4: Check the declaration for approval and leasing rules

Each building's declaration and rules set whether the association must approve a buyer or tenant, what the application asks for and how long it takes. Put that timing into your closing date, and if you plan to rent the unit, confirm the leasing rules before the window closes.

Step 5: Inspect the condo unit

Use the condo inspection checklist below. The association insures the building; you insure and repair the finishes inside your unit, so that's where your inspector's time goes.

Step 6: Get the lender's condo project review

Your lender reviews the building as well as you. Order it early so a problem surfaces while you can still cancel.

Step 7: Order the estoppel certificate

The association must issue it within 10 business days of a request. It lists every assessment, special assessment and other amount owed, plus amounts due while it's valid: 30 days if sent by email or hand, 35 by mail. You're jointly liable for anything unpaid, so the figures must be settled at closing.

Step 8: Bind HO-6 insurance before closing

Quote your unit policy once you know what the master policy covers and its deductible. Lenders following Fannie Mae require one when the master policy leaves out the interior or has a per-unit deductible.

Step 9: Close on the condo

If documents arrive late, you can extend closing by up to 7 days after receiving them. Your right to cancel under the condo statute ends at closing.

Florida Condo Documents and the 7-Day Right to Cancel

Section 718.503 gives a resale buyer the right to cancel in writing within 7 days, excluding Saturdays, Sundays and legal holidays, after signing and receiving the documents. Contracts signed after December 31, 2024 must also cover the milestone summary, turnover report and SIRS, each marked if applicable. Cancel by written notice inside the window; a phone call doesn't count.

Plan your reading. In 7 business days you need to get through the SIRS, the budget and the minutes, and ideally have your lender look at the building. Milestone findings and repair timelines are explained in our milestone inspection explainer, and assessments in our guide to Florida condo special assessments.

Condo Inspection Checklist for Florida Buyers

Florida law splits the building between the association's policy and yours. The association covers the structure as originally built; items inside the unit that serve only it are yours. Inspect accordingly.

Unit items the condo association doesn't insure

Floor, wall and ceiling coverings
Electrical fixtures
Appliances
Water heaters and water filters
Built-in cabinets and countertops
Window treatments

Note the age and condition of each, since repairs and their insurance fall to you.

Condo windows, doors and hurricane protection

Find out from the declaration whether unit windows, sliding doors and hurricane protection are yours or the association's. Under HB 913 (2025), unless the declaration says otherwise, you don't pay to remove and reinstall hurricane protection when the association needs access for its repairs.

Condo limited common elements

Limited common elements are common areas reserved for one or more units, and the declaration says which they are and who maintains them. Check how the balcony, parking space or storage unit tied to your unit is classified.

Financing When Buying a Condo in Florida

Fannie Mae condo project eligibility

Fannie Mae won't buy loans in projects that need critical repairs, such as an open special assessment for a critical repair, or where the association is party to pending litigation, with some exceptions. It also caps a single owner at 20% of units in projects of 21 or more, caps commercial space at 35% and excludes buildings run as hotels. If the building fails, read how non-warrantable condo loans work.

FHA and other condo loan options

An FHA loan depends on the building's approval status as well as your own file. Check our FHA-approved condos in Hallandale Beach before you choose a loan type.

Costs of Buying a Condo in Florida Beyond the Price

Estoppel fee and closing costs

The estoppel fee is capped at $250 when nothing is owed, plus $150 if the account is delinquent and $100 for delivery within 3 business days. Taxes and title costs are in our Florida closing costs guide.

Condo dues, reserves and assessments

Dues pay the budget, including reserves the SIRS requires. A reserve gap or a repair loan shows up as higher dues or a special assessment, and any amount voted before closing but due after it is yours unless the contract shifts it.

Condo property tax

Your bill depends on the assessed value, the millage and whether you can claim a homestead exemption. Our Broward property tax after you buy works it out for Hallandale Beach.

Condo insurance and flood

Your HO-6 must include at least $2,000 of loss assessment coverage. Flood coverage is a separate decision; our Florida condo insurance guide sets out how the master policy, the HO-6 and flood fit together.

Buying a Condo in Florida: Questions to Settle Before You Sign

Does the budget's reserve line match the SIRS? If not, divide the gap by the units to see your likely increase.
Is a milestone repair, assessment or loan pending? Check the minutes and the estoppel.
Will your loan type work in this building? Ask the lender before the 7-day window closes.
Who pays installments that fall due after closing? Write the answer into the contract.
Do the approval and leasing rules fit your plans? Confirm them in the declaration and rules.

If you answer all five and the numbers still work, the building is a candidate. If you're also selling a unit, our guide to selling a condo in Hallandale Beach covers the other side, and buyers abroad should note the tax withholding rules in FIRPTA rules for non-US sellers before they buy. I can request a building's documents and minutes for you before you make an offer.

Reader check: This page explains section 718.503 and related rules as published on October 21, 2026, and isn't legal, lending or insurance advice. Confirm your contract terms with a Florida real estate attorney, your lender and your insurance agent.

Buying a Condo in Florida FAQs

Is buying a condo in Florida a good idea?

It depends on the building. Since budgets adopted from December 31, 2024, owners can't waive reserves for structural items, so an older building that hasn't funded them will raise dues or assess owners. Read the SIRS, milestone summary, budget and minutes during the 7-day review window, then decide on the price.

Is it a good time to buy a condo in Florida right now?

In Hallandale Beach, Zillow's typical home value, which mixes condos and houses, was $279,430 in September 2026, 2.9% lower than a year earlier and below the March 2024 peak of $336,081. Lower prices give buyers room to negotiate, but a building's reserve and repair position matters as much as timing.

Why are so many people selling their condos in Florida?

Laws passed since 2022 moved the cost of deferred repairs onto current owners. Owners can no longer waive reserves for structural items, existing associations had to finish a SIRS by December 31, 2025, and milestone repairs must start within 365 days of a phase two report. Each owner weighs those costs against selling.

Is it financially smart to buy a condo?

Compare the full monthly cost, not the price alone: mortgage, dues, any reserve gap shown by the SIRS, pending assessments, property tax and your HO-6. Then compare that with renting or with a house. A Florida financial adviser or CPA can run the numbers for your situation.

What is a condo questionnaire in Florida?

It's the set of questions your lender sends the association about the building before approving your loan. It covers items such as pending litigation, special assessments, critical repairs and ownership concentration, which can make a project ineligible for loans sold to Fannie Mae. Ask your lender to send it as soon as your offer is accepted.

How long do you have to cancel a condo contract in Florida?

On a resale, 7 days after you sign and receive the association's documents, not counting Saturdays, Sundays or legal holidays. Cancel by written notice. The right ends at closing, and it doesn't apply if the contract states you received the documents more than 7 days before signing.

What does a Florida condo estoppel certificate show?

It itemizes every assessment, special assessment and other amount owed on the unit on the day it's issued, plus amounts scheduled to come due while it's valid. The association must issue it within 10 business days, and it's valid for 30 days if delivered by email or hand, 35 by mail.

Reviewed by Julia Ray, Broker and Owner, Raydiant Realty, October 21, 2026. This guide explains how the rules work; it is not legal, tax or insurance advice.