Say you’re about to close on a waterfront condo in Aventura and the association estoppel letter shows a $47,000 special assessment that wasn’t mentioned in the listing. The seller’s agent says it’s “probably for roof work” and suggests you just split it. This is exactly the kind of problem that happens when buyers treat condo closings like single-family transactions.
Aventura’s high-rise towers — many of them 30 or 40 years old, sitting right on the Intracoastal — are now subject to Florida’s post-Surfside inspection and reserve requirements. Buyers who skip the document review or rely on the title company to catch problems are walking into obligations they don’t understand and costs they didn’t budget for. Here’s what you actually need to review before you sign.
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Why Florida’s Updated Condo Laws Changed What You Must Review
After the Surfside collapse, Florida enacted SB 4-D in 2022 and refined it with SB 154 in 2023. The core changes show up in Chapter 718 of the Florida Statutes and directly affect what you should be looking at before closing.
Buildings three stories or taller now require milestone structural inspections at 30 years of age — or 25 years if they’re within three miles of the coast. Most of Aventura’s waterfront inventory falls into that second category. The inspection is performed by a licensed engineer or architect and is broken into Phase 1 (visual) and Phase 2 (if substantial deterioration is found). Once the report is done, the association must address any structural issues and fund reserves accordingly.
Here’s the part that catches buyers off guard. Associations can no longer waive or underfund reserves for certain structural components. They’re required to complete a Structural Integrity Reserve Study (SIRS) that identifies critical systems like the roof, structure, fire protection, electrical, plumbing, and exterior windows. The study includes the remaining useful life of each component and how much money the association needs to set aside every month.
That means the days of keeping monthly assessments artificially low by deferring maintenance are over. Buyers closing in 2026 need to review the milestone inspection report, the SIRS, and the association’s actual reserve balances. If the building is 35 years old and the reserve account is underfunded by $2 million, you’re likely facing a special assessment in the near future.
Milestone Inspections and Reserve Studies Are Now Non-Negotiable
You should be requesting three documents before you close:
- The milestone inspection summary
- The structural integrity reserve study (SIRS)
- The association’s meeting minutes from the last 12 months
The milestone inspection report will tell you whether the building has structural problems. Engineers inspect load-bearing walls, columns, floors, the foundation, and the roof. If they find “substantial structural deterioration,” the association is required to begin repairs. Sometimes the city or county will also issue correspondence requiring the association to take action by a certain deadline. You want to see all of that before closing.
The SIRS tells you what’s coming. It lists every major component of the building, estimates how many years of useful life are left, and calculates how much the association needs to set aside each month. If the roof has five years left and replacement will cost $3 million, the study will show whether the association is funding that obligation or pretending it doesn’t exist.
Meeting minutes are where you find out what the board is actually doing. Are they following the reserve study? Have they discussed upcoming projects? Are they planning to levy a special assessment? Minutes will also show whether there’s pending litigation, disputes with contractors, or unresolved safety violations. Boards are required to keep official records under Florida Statutes Section 718.111(12), and buyers have the right to inspect them.
Most people think the title company or lender will catch structural problems. They won’t. Title companies insure against defects in ownership, not deferred maintenance. Lenders care whether the building is warrantable for financing purposes, but they’re not reviewing engineer reports on your behalf. If you don’t request these documents and read them, you’re closing blind.
Association Financials, Reserves, and the Special Assessments You Didn’t See Coming
Florida law requires condominium associations to prepare year-end financial statements — either a compilation, review, or audit depending on the association’s revenue and what the owners have voted to require. Under Section 718.503(2), sellers in a resale transaction must provide the buyer with the most recent year-end financials as part of the mandatory disclosure package.
You should review the balance sheet, the income statement, the budget for the coming year, and the notes to the financial statements. The notes will disclose special assessments, pending litigation, and any unusual expenses or obligations.
Pay attention to the reserve account balances. Some associations show healthy operating cash but almost nothing in reserves. That’s a red flag. Under the new SIRS requirements, the association is supposed to be funding reserves for structural components based on the reserve study. If the study says they need $50,000 a month in reserve contributions and they’re only putting in $10,000, the shortfall will eventually show up as a special assessment.
Special assessments are how associations pay for large projects that aren’t fully funded through reserves. The association can levy a special assessment under the procedures in Chapter 718 and the governing documents. The assessment is allocated to each unit based on the unit’s percentage interest in the common expenses, which is spelled out in the declaration of condominium.
Here’s what trips up buyers: say the association adopted a special assessment three months before you went under contract and the seller hasn’t paid it yet. Whether you or the seller pays that assessment at closing depends on what your purchase contract says. If the contract is silent, you could end up responsible for an assessment that was levied before you even saw the property.
You need to ask three questions before closing:
- Are there any special assessments currently adopted but unpaid on this unit?
- Who is paying them — seller or buyer — and is that spelled out in the contract?
- Are there any assessments being discussed or voted on right now that haven’t been formally adopted yet?
The answers should come from the estoppel letter and the association’s recent meeting minutes.
Working Capital Contributions and Other Association Charges That Appear at Closing
One of the most common surprises in Aventura condo closings is the working capital contribution. This is a one-time payment the buyer makes to the association at closing to support the association’s operating liquidity. It’s separate from the purchase price, separate from monthly assessments, and separate from special assessments.
Not every building requires it, but many do. The amount varies. Some associations charge a flat fee, others calculate it as a multiple of the monthly assessment (for example, three months’ worth), and some base it on square footage or the unit’s percentage interest.
Buyers often don’t find out about the working capital contribution until they review the closing disclosure a few days before closing. By then, it’s too late to renegotiate or back out without losing the deposit. You should be asking about this during the inspection period, not the week of closing.
The working capital contribution is usually non-refundable. You’re not getting it back when you sell, and it’s not credited against future assessments. It goes into the association’s operating account and stays there. Some buyers assume it’s like a security deposit. It’s not.
You also need to confirm whether the association charges an application fee, a transfer fee, a move-in deposit, or advance assessments. Some Aventura buildings charge all four. The application fee covers the cost of reviewing your financial documents and running a background check. The transfer fee compensates the association for processing the ownership change. The move-in deposit is refundable but often held for 90 days after you move in to cover any damage to common areas during the move. Advance assessments are prepaid monthly maintenance for the first month or two of ownership.
All of these charges should appear on your closing disclosure. If you wait until the day of closing to review that document, you’re going to see line items you don’t understand and fees you didn’t budget for. Request a draft closing statement at least a week before closing and compare every charge to what the contract and the association documents say.
Governing Documents Aren’t Boilerplate
Under Section 718.503(2), sellers in a resale transaction must provide the buyer with the declaration of condominium, articles of incorporation, bylaws, rules and regulations, the FAQ sheet, and the governance form. Most buyers receive this stack of PDFs, skim the FAQ, and ignore the rest.
That’s a mistake. The declaration of condominium defines what you actually own. It describes the unit boundaries, the common elements, the limited common elements like your balcony and parking space, and your percentage interest in the common expenses. Your percentage interest determines your share of monthly assessments, special assessments, and insurance premiums.
The declaration also controls what you can and can’t do with the unit. Leasing restrictions are a big issue in Aventura. Some buildings allow unrestricted leasing; others require a minimum one-year lease term, impose waiting periods before you can rent the unit after purchase, or cap the number of times per year you can lease. If you’re buying the unit as an investment and the declaration says you can’t lease it for the first two years, you just bought the wrong property.
Pet policies, alteration rules, and use restrictions are also in the declaration. Some buildings prohibit certain dog breeds or limit the number of pets. Some require board approval before you install new flooring or enclose your balcony. Some prohibit commercial activity or short-term rentals entirely.
The bylaws establish how the association operates — voting rules, quorum requirements, board powers, and procedures for adopting assessments or amending the governing documents. If you want to know how hard it is to change a rule you don’t like, the bylaws will tell you. Some amendments require a majority vote of all unit owners. Others require two-thirds or even 75%. Getting that many owners to agree on anything is nearly impossible.
Rules and regulations cover day-to-day life in the building: parking rules, pool hours, noise restrictions, guest policies, moving hours, and amenity fees. Aventura has many high-amenity buildings with pools, spas, fitness centers, and marinas. Some charge extra fees for marina slips or guest parking. Some restrict how many times per month you can reserve the party room. If you plan to use the building’s amenities heavily, read the rules before you close.
The FAQ sheet and governance form are required under Florida law to summarize the key information in plain language. They usually include the current monthly assessment, the rental policy, the pet policy, and whether there’s any pending litigation or special assessments. These documents are a quick roadmap of the issues that matter most. Don’t treat them as boilerplate.
Title, Estoppel Letters, and What the Closing Statement Should Show
The title commitment shows exceptions to title — easements, restrictions, covenants, and liens. Under Section 718.116, the condominium association has lien rights for unpaid assessments. If the seller is behind on assessments, the association can record a lien against the unit. That lien must be satisfied at or before closing, or you’re buying a unit with a cloud on title.
The estoppel letter is how you confirm the seller’s account status with the association. The association issues the estoppel and certifies the amount of monthly assessments, any past-due amounts, any special assessments, and the status of reserve contributions. The estoppel also discloses upcoming changes to assessments if the association knows about them.
Buyers should cross-check the estoppel against the closing disclosure. If the estoppel says the seller owes $8,000 in unpaid assessments and special assessments, that amount should appear as a seller debit on the closing statement. If it doesn’t, someone made a mistake or the seller is trying to pass the obligation to you.
The closing disclosure should also show the working capital contribution, transfer fees, move-in deposits, prepaid assessments, property taxes, documentary stamp tax on the deed, and recording fees. If your contract says the seller agreed to credit you $5,000 for a repair or an assessment, verify that the credit actually appears. Errors on closing statements are common, and once you sign, fixing them is a nightmare.
What Financed Buyers Need to Know About Lender Requirements
If you’re financing the purchase, your lender will require a condo questionnaire. The questionnaire asks about owner-occupancy ratios, investor concentration, litigation, delinquency rates on assessments, reserve funding, and planned special assessments. Lenders use the questionnaire to decide whether the building is “warrantable.”
A building with significant structural issues, weak reserves, or a high percentage of investor-owned units may be classified as non-warrantable. That affects your loan options and your interest rate. Some lenders won’t finance non-warrantable condos at all. Others will, but at higher rates and with larger down payments.
Lenders also review the association’s insurance. Under Section 718.111(11), the association must maintain property insurance covering the building and common elements, liability insurance, and flood insurance if the building is in a flood zone. Your lender will want proof that the master policy is in force and that coverage limits are adequate.
You’ll also need an HO-6 policy — walls-in coverage for your unit. That policy covers your personal property, improvements you make to the interior, and loss assessments if the association’s insurance doesn’t fully cover a claim. Post-Surfside, insurance premiums for coastal high-rises have increased significantly. That affects your monthly carrying costs, and you need to factor it into your budget before closing.
Cash buyers don’t have a lender pushing them to review the condo questionnaire, but they should be asking the same questions. Not having a mortgage doesn’t mean you can skip the association’s financials, the reserve study, or the structural inspection report. If anything, cash buyers have more at stake because they’re putting up 100% of the purchase price with no lender performing any due diligence.
Aventura’s Market Conditions Give You Leverage to Demand Full Disclosure
Aventura’s condo market in 2026 is slower than it was five years ago. Median sale prices are in the mid-$400,000s to low $500,000s, inventory is up, and days on market are longer. Many condos are selling below list price. That gives buyers more room to negotiate and more time to perform due diligence.
Use that leverage. Insist on receiving the milestone inspection report, the SIRS, the association financials, and 12 months of meeting minutes before your inspection period ends. If the seller or the association drags their feet, extend your inspection period or walk. The slower market means another unit will come along.
A large percentage of Aventura sales are all-cash transactions — often 70% or more in recent years. International buyers make up a significant portion of the market. If you’re buying from a foreign seller, be aware of FIRPTA withholding requirements. The IRS requires buyers to withhold a percentage of the purchase price and remit it to the government unless the seller provides a FIRPTA exemption certificate. Your closing agent should handle this, but you need to confirm it’s being done correctly.
Florida also imposes documentary stamp tax on the deed. The rate is 70 cents per $100 of the purchase price in most counties, but Miami-Dade charges an additional surtax. On a $500,000 condo, you’re looking at $3,500 in documentary stamps plus the surtax. That’s separate from title insurance, recording fees, and association charges. Make sure your closing disclosure accounts for all of it.
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The Pre-Closing Checklist You Should Actually Use
Before you close on an Aventura condo, you should have reviewed:
- The declaration of condominium, all amendments, articles of incorporation, bylaws, rules and regulations, FAQ sheet, and governance form.
- The most recent year-end financial statement, current budget, reserve schedule, and the Structural Integrity Reserve Study (SIRS).
- The latest milestone inspection report, any structural engineer reports, and project timelines for upcoming repairs.
- The estoppel letter showing assessments, delinquencies, and any amounts owed by the seller.
- Written confirmation of who pays adopted special assessments at closing and whether any new assessments are being proposed.
- The working capital contribution amount, calculation method, and whether it’s refundable.
- Any application fees, transfer fees, move-in deposits, or prepaid assessments.
- The association’s master insurance policies, including property, liability, and flood coverage if applicable. Verify deductibles and your potential loss-assessment exposure.
- Your planned HO-6 policy and whether it includes adequate loss-assessment coverage.
- The title commitment showing all exceptions, restrictions, easements, and liens.
- The closing disclosure at least a week before closing so you can verify every charge and credit.
- The deed form and legal description.
- Any contract addenda allocating assessments or repair credits.
- Leasing restrictions, pet rules, parking assignments, marina or slip rights, and guest and amenity policies.
- If you’re financing, the condo questionnaire results and any lender conditions tied to the building’s financial or structural health.
This isn’t a formality. Aventura’s older waterfront towers are expensive to maintain, and the post-Surfside inspection and reserve rules have fundamentally changed how associations budget for repairs. Buyers who treat the document review as a box to check are the ones who show up at closing, see a $15,000 working capital contribution they didn’t know about, and realize the building has a $12 million concrete restoration project starting in six months.
If the seller or the association won’t provide the documents you’re requesting, that tells you something. Either they’re disorganized, they’re hiding problems, or they don’t take their legal obligations seriously. None of those are good signs. Walk away and find a building where the board keeps proper records and the seller is willing to be transparent.
Closing on an Aventura condo without reviewing these documents is like buying a car without looking under the hood. You might get lucky. Or you might spend the next ten years writing checks for assessments you didn’t see coming.
