Love the condo.Check the building.

Not every condo qualifies; the building must meet the lender's and loan program's rules, not just you. Lenders look at reserves, insurance, pending litigation, critical repairs and special assessments. Some loan types, such as FHA and VA, also require the building to be on an approved list. Check before you make an offer.

Many lenders limit how much of a building can be investor-owned or held by a single owner. A building over those limits can be harder or impossible to finance. Ask the association for the current numbers.

Florida requires a structural milestone inspection for condo and co-op buildings with three or more habitable stories, at 30 years (25 years within three miles of the coastline) and every 10 years after. If phase 1 finds substantial deterioration, a more detailed phase 2 follows. Ask for the report.

A SIRS covers key structural parts of buildings with three or more habitable stories and how much the association must save to repair or replace them. The first was due by December 31, 2025, then every 10 years. These reserves generally can no longer be waived, which is one reason dues and assessments rose. Ask for the study and the current reserve balance.

Ask in writing. Many lenders won't finance a building involved in certain litigation, especially over structural or safety defects. A lawsuit can also lead to future assessments.

Dues typically cover the building's insurance, maintenance, staff, common-area utilities and reserves; some buildings also include water, cable or internet. Post-Surfside reserve rules and higher insurance have raised dues in many buildings. Look at the current budget, not just the monthly number, to see what may rise.

A special assessment is a one-time charge for repairs, reserves or other costs the budget doesn't cover. Who pays one approved before closing depends on the contract, so negotiate it in your offer. Ask the association in writing.

The master policy covers the structure and common areas. Ask what it covers (wind, flood), the deductible and how the premium has changed. A large hurricane deductible can be passed on to owners as an assessment after a storm.

The declaration, bylaws, rules, current budget, recent financial statements, the milestone and SIRS reports, insurance information and any special assessments. Read the board minutes from the last 12 months; they often show problems before they become assessments. Under Florida Statute 718.503, resale buyers can cancel within seven days after receiving the required documents; check the condo rider in your contract for the exact terms.

Many Miami associations require buyers to apply and be approved before closing. It can include an application fee, a background check and sometimes an interview, within time limits set in the condo documents.

The condo documents set them, and they can rule out your plans: minimum lease terms, rentals in the first year, pet size or number, and parking. Read them before you make an offer.

It's the association's official statement of what is owed on the unit: dues, assessments and any balances. The title company orders it before closing so you don't inherit the seller's unpaid charges. Florida law limits what associations can charge for it.

It can work, but you sign years before closing and usually pay large deposits in stages. Florida gives buyers of new condos from a developer 15 days after signing and receiving the required documents to cancel. Plan the financing at completion: the lender must approve the building and appraise the finished unit.