Florida condominium document review checklist
The documents a Florida condo buyer can request, what the 2026 statutes say, and branded-building extras.
Florida · Condominium purchase rules
Disclosure, cancellation windows, deposits, who controls the association and what changes at turnover
A first sale by a developer carries a prospectus in buildings of more than 20 residential units, a contract legend allowing cancellation within 15 days, and escrow rules for deposits. A resale from an owner instead carries an eight-item document list and a 7-day clause (excluding Saturdays, Sundays and legal holidays). Association control also differs until turnover.
In short: A developer's first sale of a larger condominium carries a prospectus, a 15-day cancellation legend and deposit escrow rules; a resale has a seller document list and 7-day clause.
A reference guide, not legal, tax or insurance advice. Statutes checked October 2026; two sections are cited from older editions, as labeled.
Chapter 718 treats the two purchases as different transactions. The table sets out what the statutes say about each; the contract and the building’s documents control your own purchase.
| Topic | Buying from the developer (first sale) | Buying a resale from an owner | Source |
|---|---|---|---|
| Disclosure documents | Section 718.503(1)(b) lists “the prospectus or disclosure statement with all exhibits” among the documents delivered to the buyer. Under 718.504, a developer of a residential condominium with more than 20 residential units (or one sharing common property used by more than 20 units) must prepare a prospectus or offering circular, file it with the Division before an enforceable contract, and give each buyer a separate “Frequently Asked Questions and Answers” page and the financial information required by 718.111 | Section 718.503(2)(a) entitles each prospective purchaser to eight items from the seller: the declaration, the articles, the bylaws and rules, the annual financial statement and budget, the inspector-prepared summary of the milestone inspection report (if applicable), the most recent structural integrity reserve study (SIRS) or a statement that none has been completed, the inspection report described in 718.301(4)(p) and (q) for a turnover inspection performed on or after July 1, 2023, and the Q&A document | Notes 1, 2 |
| Cancellation window | The required legend makes the contract voidable by written notice within 15 days. The text ties the count to execution of the agreement and to receipt of all required items, and also gives 15 days after receipt of any amendment that materially alters the offering adversely to the buyer. A purported waiver has no effect, the buyer may extend closing by up to 15 days, and the right to void ends at closing. Separately, the developer may not close for 15 days after execution and delivery of the documents | The contract must contain either an acknowledgment that the buyer received the documents or a clause beginning “THIS AGREEMENT IS VOIDABLE BY BUYER BY DELIVERING WRITTEN NOTICE OF THE BUYER’S INTENTION TO CANCEL WITHIN 7 DAYS, EXCLUDING SATURDAYS, SUNDAYS, AND LEGAL HOLIDAYS.” A contract that does not conform to paragraph (2)(d) is voidable by the purchaser before closing | Note 1 |
| Milestone, turnover and reserve-study statement in the contract | For contracts entered into after December 31, 2024, paragraph (1)(d) requires the contract to say either that the association is required to have a milestone inspection, a turnover inspection report or a SIRS and has not completed it, or that it is not required to have a milestone inspection or SIRS. If one has been completed, an acknowledgment clause applies, and the acknowledgment clause uses “more than 15 days, excluding Saturdays, Sundays, and legal holidays, before execution,” while the companion voidability clause uses “within 15 days, excluding Saturdays, Sundays, and legal holidays, after the date of execution” | Paragraph (2)(e) applies to resale contracts entered into after December 31, 2024 and parallels (1)(d), with acknowledgment and voidability clauses that use 7 days excluding Saturdays, Sundays and legal holidays. A contract that does not conform is voidable at the option of the purchaser before closing | Note 1 |
| Filing with the state | Section 718.502(1)(a) requires the developer to file the 718.503 and 718.504 documents with the Division. Until it does, a sale contract is voidable by the buyer before closing. Paragraph (1)(b) bars closing until the developer has prepared and filed compliant documents and the Division says the filing is proper. Amendments must be filed and delivered to purchasers before closing and no later than 10 days after the amendment | Section 718.502 is addressed to developers. We found no comparable filing step for an owner’s resale | Note 3 |
| Deposits | Section 718.202(1): if the construction, furnishing and landscaping of the property has not been substantially completed in accordance with the plans, specifications and the developer’s disclosures, the developer must pay into escrow “all payments up to 10 percent of the sale price.” Under (2), payments above 10 percent received before completion of construction go into a special escrow account and “may not be used by the developer prior to closing the transaction,” except under (3) or as a refund to the buyer. Under (3), if the contract so provides, the developer may withdraw funds above 10 percent “when the construction of improvements has begun” and use them for “the actual costs incurred by the developer in the construction and development of the condominium property.” No part may be used for salespersons’ salaries, commissions or expenses; advertising, marketing or promotion; or loan fees and costs, principal and interest on loans, attorney fees, accounting fees or insurance costs. A contract allowing this use must carry a legend in boldfaced type on its first page, immediately above the buyer’s signature. The escrow agent must be independent of the developer. Under (5), noncompliance makes the contract voidable by the buyer. For residential condominiums the Division director may accept other assurances, such as a surety bond or letter of credit, in lieu of the escrow | Section 718.202 is written around developer sales. We did not find a comparable statutory deposit rule for resales in the Chapter 718 sections read for this guide; deposit terms come from the contract and the escrow agent. Ask your attorney who holds the deposit and on what terms | Note 4 |
| Who controls the association | Until turnover, the developer controls the board. Owners other than the developer may elect at least one-third of the board once they own 15 percent or more of the units, and at least a majority upon the first of seven events in 718.301(1)(a)–(g), for example three years after 50 percent of units are conveyed or three months after 90 percent. The developer may still elect at least one board member while it holds for sale in the ordinary course of business at least 5 percent of the units (condominiums with fewer than 500 units) or 2 percent (more than 500 units) | A resale can happen before or after turnover, so the same section applies. Ask the seller and the association whether turnover has happened and on what date | Note 5 |
| Developer’s share of assessments | Section 718.116(9) lets a developer who is offering units for sale, if the declaration authorizes it, be excused from assessments on unsold units for a stated period that must end no later than the first day of the fourth calendar month following the month of the first closing, while paying common expenses that exceed regular periodic assessments. A developer may instead be excused under a guarantee that assessments will not exceed a stated dollar amount, paying any common expenses above the guaranteed amount. Under (9)(b), during any period in which the developer is excused, only regular periodic assessments may pay common expenses, and funds receivable from purchasers or owners, including capital contributions or startup funds collected at closing, may not be used | The same statute applies. Ask whether a guarantee or excusal is still in effect and when it ends | Note 6 |
| Warranties (2024 edition of 718.203) | Section 718.203(1), as read in the 2024 edition, sets implied warranties of fitness and merchantability with periods that run from completion of the building containing the unit and differ by item: 3 years is the general period, with different periods for some building components, personal property and other property conveyed with a unit. The 2026 page could not be opened, so this guide does not restate the individual periods; confirm them in the current statute | The same text names each owner and the owner’s successors as beneficiaries. The periods run from completion, not from a resale closing, so a resale buyer may be inside whatever remains. Confirm the current text and the dates with your attorney | Note 7 |
| Statements in sales materials (2023 edition of 718.506) | Section 718.506, as read in the 2023 edition, lets a buyer who reasonably relied on a material statement that is false or misleading, published by or under authority from the developer in advertising and promotional materials, rescind the contract or recover damages before closing, and recover damages after closing. Time limits apply | The version read is aimed at developer-published statements. It does not describe owner-seller statements; ask your attorney what law applies to statements in a resale | Note 8 |
| Documents delivered at turnover | Section 718.301(4) lists what the developer delivers, at its expense, including the recorded declaration and amendments, articles, bylaws and minute books; financial records audited by an independent CPA; association funds; plans and specifications with an affidavit; insurance policies; certificates of occupancy; permits in force or issued within one year before turnover; still-effective written warranties; employment, service and other contracts; two turnover inspection reports under the seal of licensed professionals; and the most recent SIRS | A resale buyer gets the eight-item list above. Ask whether the turnover deliverables were received and whether the turnover inspection reports exist | Notes 1, 5 |
This table summarizes statutory text read in short excerpts. The two older-edition rows are labeled; the 2026 pages for 718.203 and 718.506 could not be opened, so confirm the current text before relying on them.
Section 718.504 requires a prospectus from a developer of a residential condominium with more than 20 residential units, or one that shares common property used by more than 20 units. The statute lists numbered contents; this table summarizes a selection and does not replace the statute.
| Prospectus content | What the statute says | Why a buyer reads it | Source |
|---|---|---|---|
| Cover page | Requires the condominium’s name and three conspicuous statements on the first page, the first of which reads “THIS PROSPECTUS (OFFERING CIRCULAR) CONTAINS IMPORTANT MATTERS TO BE CONSIDERED IN ACQUIRING A CONDOMINIUM UNIT.” The others warn that the summary is only a summary and that oral representations cannot be relied on | The prospectus, not a sales presentation, is the document the statute makes the offering | Note 2 |
| Management and service contracts | Requires disclosure of management and service contracts with a term of more than one year, including compensation stated monthly and annually, and a statement that the developer (or another person) has the right to retain control of the association if that control can exceed one year after the closing of the sale of a majority of the units | These are the long-term obligations the association inherits | Note 2 |
| Recreation leases and shared facilities | Requires statements about facilities shared with other condominiums or communities and about any recreation lease or club, including a statement when membership is mandatory and when owners or associations must pay rent or land use fees | Fees tied to shared facilities can sit outside the unit’s regular assessments | Note 2 |
| Phasing and expansion | Requires a statement that additional land and units may be added to a phase condominium, a statement that added buildings and units may be substantially different, the maximum build-out, and a statement when recreational facilities may be expanded or added without owner or association consent | A building that is not finished can change as later phases are built | Note 2 |
| Transfer and use restrictions | Requires a statement that the sale, lease or transfer of units is restricted or controlled, with the location in the disclosure materials, and a summary of use restrictions with references to where they are found | Compare with the declaration before relying on a rental or use plan | Note 2 |
| Estimated operating budget | Requires an estimated operating budget and a schedule of the unit owner’s expenses attached as an exhibit, with a statement that the budget “IS A GOOD FAITH ESTIMATE ONLY AND REPRESENTS AN APPROXIMATION OF FUTURE EXPENSES” | A developer’s estimate for a building that has not yet operated is not an adopted association budget | Note 2 |
| Developer identity and experience | Requires identification of the developer and the chief operating officer or principal directing the creation and sale of the condominium, with a statement of their experience in this field | Ask for the entity that will sign the contract and the escrow agreement | Note 2 |
| Exhibits | Include, to the extent applicable, the declaration, articles, bylaws, leases, management agreement and service contracts over one year, the operating budget with the owner expense schedule and the SIRS (or a statement that none exists), the unit floor plan and plot plan, the form of sale agreement, and the “agreement for escrow of payments made to the developer prior to closing” | The escrow agreement shows who holds your deposit and under what terms | Note 2 |
| Interest in the land | Requires evidence that the developer holds an ownership, leasehold or contract interest in the land | Ask what interest the developer holds and who the owner of record is | Note 2 |
| Docks and marinas | Requires a copy of any government approval obtained for docks or marinas, or a statement that it has not been acquired or received | An amenity described in marketing may depend on a permit | Note 2 |
The Division’s own pages describe the filing. DBPR says developers of residential condominiums with more than seven units file an Initial Condominium Application and those with more than 20 units also file a prospectus (Note 9). Its filing-requirements sheet gives the fee as $20 for each residential unit that may be offered (Note 10). A rule on examination of documents, read in a secondary copy, says acceptance of a filing may not be construed as an endorsement or approval of the offering (Note 12).
First sale. A developer may take reservation deposits before it files, but only with approved escrow and reservation forms, and the escrow agreement must provide an immediate, unqualified refund on written request (Notes 3, 4). The developer files with the Division. DBPR’s filing page says the Division responds within 45 days of a complete filing, the developer has 45 days to answer a deficiency notice, and the Division then has 30 days to reply (Note 10). Those periods concern the developer and the state, not your cancellation right. The buyer’s clock starts at the contract: the legend gives 15 days after execution of the agreement and receipt of all required items, and a fresh 15 days after a materially adverse amendment (Note 1).
Resale. The seller gives the eight items, and the contract carries either an acknowledgment of receipt or the 7-day clause counted without Saturdays, Sundays and legal holidays (Note 1). We found no comparable state filing step for a resale in the sections read, but the building’s turnover status, reserve study and inspection documents are still part of the file (Notes 1, 5).
Where the counts differ. The developer legend in 718.503(1)(a) counts “15 DAYS” without excluding weekends, while the clauses in (1)(d), (2)(d) and (2)(e) exclude Saturdays, Sundays and legal holidays (Note 1). The statute’s text ties the first-sale period to both execution and receipt, joined by “and,” and the passage we read does not say which controls. Your contract’s exact clause and your attorney’s reading govern how the days are counted.
Division review is not endorsement. DBPR’s Standards and Registration page says developers submit condominium filings “to the Division for review and approval” (Note 9), and its filing-requirements sheet says the developer must submit documents to the Division “for review and approval” (Note 10). The rule on examination of documents, as reproduced by the Cornell Legal Information Institute (LII), says the division’s acceptance of a filing is not to be construed as a division endorsement or approval of the offering (Note 12). The agency pages and the rule use different words, so treat Division acceptance as a procedural step, not an opinion on the project. Both rules were read only in a secondary copy, not on flrules.org or in the official Florida Administrative Code, so confirm the current rule text there (Notes 11, 12).
Turnover is the point where unit owners other than the developer elect the board. The statute sets the 15 percent and one-third threshold, the first-of-seven-events majority and the developer’s continuing board seat while it holds units for sale (Note 5). At turnover the developer delivers the items listed in 718.301(4), and the financial records must be audited in accordance with generally accepted auditing standards by an independent certified public accountant (Note 5). The statute also makes the developer responsible for association violations of the Condominium Act or its rules before turnover, and treats actions of developer-designated board members as actions of the developer (Note 5). Section 718.301(7) requires an association claim alleging design or construction defects to be examined and certified by an appropriately licensed Florida engineer, design professional, contractor or other licensed Florida individual or entity (Note 5).
Assessments can shift at the same time. Under 718.116(9) the developer’s excusal from assessments, or its guarantee of a stated assessment amount, runs for stated periods (Note 6). For a resale buyer that makes the date of turnover and any guarantee end date questions to ask before the cancellation window closes.
New buildings also fall under the milestone inspection and SIRS rules. The contract statement in 718.503(1)(d) and the seller list in 718.503(2)(a) both refer to them (Note 1), and the turnover deliverables include the two turnover inspection reports and the most recent SIRS (Note 5). The timing and content of the milestone inspection and SIRS are covered in the Pinellas condominium due-diligence guide, which this guide does not repeat. For the full document list a resale buyer should read, see the Florida condominium document review checklist.
These are questions to put in writing. Each answer is a fact about one building and one contract.
| Check | Why it matters | Source |
|---|---|---|
| First sale: was a prospectus delivered with every exhibit, and when? | Section 718.503(1)(b) lists the prospectus with all exhibits, and the cancellation clock turns on receipt of all required items | Notes 1, 2 |
| First sale: has the developer filed with the Division, and is the filing accepted? | Section 718.502 makes a contract voidable before closing until the developer files, and bars closing until the Division says the filing is proper | Note 3 |
| First sale: what amendments have been issued, and when did each arrive? | A materially adverse amendment carries its own 15-day window, and amendments must reach purchasers before closing and no later than 10 days after the amendment | Notes 1, 3 |
| Which cancellation clause is in the contract, and how does it count days? | The 15-day legend and the 7-day clause differ in how they count, and a non-conforming contract in the cases the statute names is voidable at the purchaser’s option | Note 1 |
| Who is the escrow agent, and where is the agreement? | The agent must be independent of the developer, and the prospectus exhibits include the escrow agreement | Notes 2, 4 |
| Do any deposits above 10 percent fall under the construction-use legend? | A contract that permits this use must carry the legend in boldfaced type on its first page, immediately above the buyer’s signature | Note 4 |
| Has turnover happened, and were the turnover deliverables received? | The statute lists the records, audited financials, plans, warranties and two sealed inspection reports the developer delivers | Note 5 |
| Is a developer assessment guarantee or excusal in effect, and when does it end? | The statute ties these to stated periods and restricts which money may pay common expenses while the developer is excused | Note 6 |
| What warranties apply, from what completion date, and who maintains the items? | The 2024 text measures periods from completion. Confirm the current text | Note 7 |
| Does any marketing material say something the documents do not? | The prospectus cover warns that oral representations cannot be relied on, and 718.506 (2023 text) addresses false or misleading developer-published statements | Notes 2, 8 |
Pair these with the document review checklist. For a branded building, see who does what in a branded residence and the ownership-costs guide.
This guide describes what Florida statutes and agency pages say and does not say whether any contract, prospectus or building is acceptable. It does not decide how the days in your cancellation clause are counted, whether a deposit is properly held, whether a warranty applies to a given defect, or whether a developer has complied with Chapter 718. It makes no statement about any specific project. Statutes change, so confirm the current text, and have your attorney read the contract and documents, your insurance agent the policies, and your inspector or engineer the building.
Gaps in our research are worth knowing. The 2026 pages for sections 718.203 (warranties) and 718.506 (false or misleading statements) could not be opened; we read the 2024 and 2023 editions, labeled above. We did not open section 553.835 or the construction-defect limitation and repose provisions, so this guide does not discuss statutes of repose. The Division’s rules were read through a secondary reproduction. For branded or hotel-operated buildings, which add documents to these steps, see the Florida branded residences guide and the branded residences hub.
Tell us whether you are looking at a developer’s first sale or a resale, and the date your cancellation window ends. An advisor can help you decide which documents to request first, keep a log of what arrived and when, and bring in the attorney, inspector, engineer or insurance agent you choose.
ABODE represents buyers and sellers. For a first sale, we can help you ask the developer for the prospectus, amendments and escrow agreement in writing, so your attorney can review them.
The documents a Florida condo buyer can request, what the 2026 statutes say, and branded-building extras.
Who the developer, brand, operator, association, manager and owner are, and where each is stated
Cost categories, legal basis and the document that states each, for Florida branded condos
What branded residences are, with sourced premium and demand figures
The hub for 13 sourced project guides in Florida and Nashville, with no prices
Florida milestone inspections, structural reserve studies and five documents to request
In a developer’s first sale, the required legend makes the contract voidable by written notice within 15 days, tied to execution of the agreement and receipt of all required items, and again within 15 days after any amendment that materially alters the offering adversely to the buyer (Note 1). In a resale, the contract carries either an acknowledgment of receipt or a clause allowing cancellation within 7 days, excluding Saturdays, Sundays and legal holidays (Note 1). Read your own contract for the exact count.
The prospectus or offering circular is required of a developer of a residential condominium with more than 20 residential units, or one that shares common property used by more than 20 units (Note 2). DBPR’s page also says developers of residential condominiums with more than seven units file an Initial Condominium Application with the Division (Note 9). This guide does not describe what applies to smaller buildings, so ask your attorney.
Under section 718.202, if the property has not been substantially completed, payments up to 10 percent of the sale price go into escrow, and amounts above 10 percent are held in a special escrow account. The developer may use amounts above 10 percent for actual costs of constructing and developing the condominium property only if the contract so provides and construction of improvements has begun, and the contract must carry a legend in boldfaced type (Note 4). The escrow agent must be independent of the developer (Note 4).
Under section 718.301, owners other than the developer may elect at least one-third of the board once they own 15 percent or more of the units, and at least a majority upon the first of seven listed events, such as three years after 50 percent of units are conveyed or three months after 90 percent (Note 5). The developer may still elect at least one board member while it holds for sale in the ordinary course of business at least 5 percent of the units (2 percent in condominiums with more than 500 units) (Note 5).
The 2024 text of section 718.203 names each owner and the owner’s successors as beneficiaries, and measures the periods from completion of the building rather than from a later sale (Note 7). We could not open the 2026 page, so confirm the current text and the dates with your attorney.
Section 718.502 requires the developer to file, and DBPR describes the filing as submitted to the Division for review and approval (Notes 3, 9). The rule on examination of documents, as reproduced in a secondary copy by the Cornell Legal Information Institute (LII), says the division’s acceptance of a filing is not to be construed as a division endorsement or approval of the offering (Note 12). Treat acceptance as a procedural step, and confirm the rule in the official Florida Administrative Code.
Both the developer contract statement and the resale seller list refer to them (Note 1), and at turnover the developer delivers two turnover inspection reports and the most recent SIRS (Note 5). The timing rules are covered in the <a class="inline-link" href="/guides/pinellas-condominium-due-diligence/">Pinellas condominium due-diligence guide</a>.
The prospectus cover warns that oral representations cannot be relied on (Note 2). In the 2023 edition we read, section 718.506 lets a buyer who reasonably relied on a material false or misleading statement published by or under authority from the developer seek rescission or damages before closing, and damages after closing, subject to time limits (Note 8). Ask your attorney about the current text and your facts.
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