Florida statute reference · F.S. § 718.503
§ 718.503 - Condo Resale Disclosure Requirements
Every Florida condominium sale triggers a disclosure obligation under § 718.503. The seller must deliver a specific package of governance, financial, and (post-SB 4-D) structural documents to the buyer before closing - and the buyer has a 3-day right to walk away after receiving them. Get the package wrong and the deal can unwind weeks after closing.
Reviewed by the Common Elements editorial team, which includes a Florida-licensed community association manager (LCAM) and insurance broker - Florida Licensed Community Association Manager, 2-20 & 6-20.
What sellers and managers need to know
The disclosure obligation is the seller's, but the association controls the documents. Sellers typically request the package through the listing agent or closing attorney; the association (or its management company) compiles and delivers it, often alongside the estoppel certificate under § 718.116(8). Pricing follows the same fee cap as the estoppel: standard delivery within 10 business days; expedited 3-business-day delivery adds the statutory fee.
The required package includes the declaration, bylaws, articles of incorporation, rules and regulations, the most recent year-end financial report, the projected operating budget, the governance Q&A form, the FAQ document, and - for buildings subject to the SIRS mandate - the SIRS and milestone inspection report. The Q&A form is a standardized state-issued document that covers fees, assessments, and restrictions; it's designed to give buyers a one-page snapshot of the financial obligation of ownership.
The 3-day cancellation right is the buyer's safety valve. It runs from delivery of the complete package or contract signing, whichever is later. For new condominiums purchased from the developer, the period is 15 days. If the package is incomplete or missing required documents (especially the SIRS in SB 4-D-applicable buildings), the cancellation right does not start running - the buyer can rescind any time before closing, and in some cases after.
Post-SB 4-D, the SIRS and milestone inspection report have become the most consequential disclosure items. A SIRS that identifies large unfunded reserves, a Phase 2 milestone inspection finding substantial structural defects, or a pending special assessment all materially change the value of the unit. Failing to disclose them is the strongest single ground for a post-closing rescission claim.
Key requirements
Required disclosure documents
§ 718.503(2)- Declaration of condominium
- Articles of incorporation
- Bylaws
- Rules and regulations
- Most recent year-end financial report
- Projected operating budget
- Governance Q&A form (state-issued)
- FAQ document
- SIRS report (if SB 4-D applicable)
- Milestone inspection report (if § 553.899 applicable)
Buyer cancellation right
§ 718.503(1)(a)- 3 days for resale (after delivery or contract signing)
- 15 days for new units sold by developer
- Cancellation must be in writing
- If disclosures incomplete, cancellation right doesn't expire
- After closing, rescission limited to material non-disclosures
Seller liability for omissions
§ 718.503(2)(c)- Seller bears legal responsibility for delivery
- Buyer can sue for damages and rescission post-closing
- SIRS, milestone inspection, and pending assessments are highest-risk omissions
- Title insurance generally excludes association-document claims
- Listing agent and closing attorney share practical responsibility
Related tools
Common questions about § 718.503
- What documents must a Florida condo seller deliver to a buyer under § 718.503?
- Section 718.503 requires the seller (whether developer or resale seller) to deliver a complete condominium documents package: the declaration of condominium, articles of incorporation, bylaws, rules and regulations, the most recent year-end financial report, the projected operating budget, the question-and-answer disclosure form (often called the 'Q&A sheet'), the governance form summary, the FAQ document, and (for buildings subject to the SIRS mandate) the most recent Structural Integrity Reserve Study and the milestone inspection report. For new condominiums, additional developer-specific disclosures apply.
- What is the 3-day cancellation right under § 718.503?
- A buyer in a Florida condo resale has the right to cancel the contract within 3 days after receiving the required disclosure documents, or within 3 days after the contract is signed (whichever is later). For new condominiums purchased from the developer, the cancellation period is 15 days. The cancellation must be in writing. If the seller fails to deliver the required disclosures, the buyer's right to cancel continues until the disclosures are delivered or the closing occurs - effectively giving the buyer an open right to back out until disclosure is cured.
- Who is responsible for delivering the disclosure package - seller, agent, or association?
- The seller is legally responsible. In practice, the listing agent or closing attorney typically obtains the documents from the association and delivers them to the buyer through the title agent. The association is not legally required to deliver disclosures to the buyer directly, but must provide the seller with current copies on request (and may charge a reasonable fee, including the estoppel fee under § 718.116(8)). The closing checklist almost always lists who is delivering what; missing disclosures are the seller's liability.
- Does the SIRS need to be included in the resale disclosure package under § 718.503?
- Yes, for buildings subject to the SIRS mandate. If the building is three or more habitable stories and the association is required to have a SIRS under § 718.112(2)(g), the most recent SIRS must be included in the disclosure package delivered to the buyer. The milestone inspection report (Phase 1 and, if applicable, Phase 2) under § 553.899 must also be disclosed. Failure to disclose the SIRS or milestone inspection report can support a buyer's rescission claim and is a material non-disclosure for civil liability purposes.
- What happens if a Florida condo seller fails to provide all required disclosures?
- The buyer's right to cancel continues until the disclosures are delivered or closing occurs. After closing, a buyer who later discovers material non-disclosure may sue for damages and rescission, depending on the nature of the omission. Material non-disclosures of pending special assessments, structural defects, milestone inspection failures, or SIRS findings are the most common litigation grounds. Title insurance often excludes claims arising from association documents, so the seller - not the title company - bears the risk.
Keep your disclosure package ready on Common Elements
Store governing documents, financial reports, SIRS, and milestone inspections in one workspace - pre-built for resale disclosure delivery the day a seller asks.
This is not legal advice. Consult association counsel for your specific situation.