Buying or Selling a Condo in Florida

Things to Know About Buying or Selling a Condo in Florida



60% of condo sales in Florida are purchased with cash

40% of condo sales are purchased using a mortgage product

It is important to know that some townhomes and single-family residences are conveyed as a condominium.


When purchasing a condo in Florida with a mortgage, it is important to obtain some critical information about the condominium before submitting or accepting an offer.


  1. Review the Association Disclosures


  1. Obtain a Condo Questionnaire from the HOA – this document is required by mortgage lenders and will provide information about the following:
  • Number of units
  • Investor-owned owner-occupant ratio, and the investor cap if any
  • Warrantability or mortgage eligibility of the condominium
  • Condo characteristics – Is the condominium an established project with no more construction, and completed common elements


  1. HOA Budget – The financial health of the HOA is revealed in this document. Some critical items would include, the condition or existence of their reserve funds, and the percentage of over 60 days past due homeowners on their HOA fee.


  1. Master Insurance Policy – Critical points would be whether the policy has full replacement cost, the liability limits, fidelity coverage for condominiums with 25 or more units, and a flood blanket policy when required.


  1. Litigation – Is the HOA being sued, and if so, for what?


If you or someone you know is interested in buying or selling a property on Florida’s Suncoast, please feel free to reach out to me. I live, play and work in Sarasota, Lakewood Ranch, Bradenton, and the surrounding areas. Visit my website at or call 941.405.3596 for more.

Be Blessed!

Leave a Reply

Your email address will not be published. Required fields are marked *