Ritz-Carlton Residences, Sunny Isles Beach

Which Florida rules apply to a purchase here?

The sources describe a completed building, so most purchases are resales, where a unit owner sells to a buyer. The developer-sale rules below apply only if a unit is bought directly from the developers. The sources checked do not say whether any units remain with them.

• Resale (unit owner to buyer). Section 718.503(2) lists documents a non-developer unit owner must give a prospective buyer at the seller’s expense, including the declaration of condominium, articles of incorporation, bylaws and rules, the annual financial statement and budget, the milestone inspection summary if applicable, the structural integrity reserve study or a statement that none exists, the inspection report for a turnover inspection performed on or after July 1, 2023, and a frequently-asked-questions document. The contract must either acknowledge that the buyer received them more than 7 days before signing or give the buyer a right to cancel within 7 days, excluding Saturdays, Sundays and legal holidays (Note 7).
• Purchase from the developers, if any units are still offered. Section 718.503(1) makes the contract voidable by the buyer within 15 days after signing and receipt of all required items (Note 7). Section 718.202 applies when construction, furnishing and landscaping are not yet substantially complete at contracting. It then requires buyer payments up to 10 percent of the sale price to go into an escrow account, and payments above that to be held in a special escrow account that the developer may not use before closing, subject to the exceptions in the statute (Note 10). Section 718.504 requires the developer of a residential condominium with more than 20 units to prepare a prospectus or offering circular, file it with the state division and give a copy to each buyer (Note 11).
• Milestone inspection. A condominium or cooperative building of three or more habitable stories must be inspected by December 31 of the year it reaches 30 years of age, measured from its certificate of occupancy, and every 10 years after. A local enforcement agency may require 25 years where conditions such as nearness to salt water warrant it. The association must give each owner the inspector’s summary within 45 days of receiving the report (Note 8). If this building’s certificate of occupancy was issued in 2020, ABODE’s arithmetic puts the 30-year deadline in 2050, or 2045 on a 25-year schedule. Confirm the certificate date and the local rule.
• Structural integrity reserve study. A residential condominium association must have a study completed at least every 10 years after the condominium’s creation for each building three habitable stories or higher. It covers the roof, structure, fireproofing and fire protection, plumbing, electrical systems, waterproofing and exterior painting, windows and exterior doors, and any other item over $25,000 (or the inflation-adjusted amount) that affects those (Note 9).

These are plain-language summaries of the 2026 statute text on flsenate.gov. They are not legal advice, and the statutes change. Ask your attorney to confirm which rules apply to your contract.