Buying a condo in Miami: steps, HOA fees, rules and loans

What are the steps to buy a condo in Miami?

Short answer: set a budget that includes the HOA fee, get your financing ready, choose buildings, make an offer, read the condo documents within 7 days, apply to the association, and close.

1. Set the full monthly budget. Price, plus the HOA fee, property tax, insurance and any special assessment. A low price with a high fee can cost more each month.
2. Get financing ready. Get a loan pre-approval, or proof of funds if you pay cash. Ask the lender early if it can lend in the buildings you like.
3. Choose buildings, not only units. Compare the building's age, its HOA fee per sq ft, its reserves, and its rules on pets, rentals and renovations.
4. Make an offer. Most resales use a Florida Realtors and Florida Bar contract. A new building sold by a developer uses the developer's contract.
5. Read the condo documents. For a resale, you can cancel within 7 days after you receive them, not counting weekends and legal holidays.
6. Inspect the unit. A home inspector checks the inside of the unit. The building's common parts are covered by the association's inspections and reserve study.
7. Apply to the association. Many buildings must approve the buyer before closing. Apply as soon as the contract is signed.
8. Lender review and appraisal. If you have a loan, the lender reviews the building and orders an appraisal.
9. Insurance. Get a unit owner's policy (HO-6) and, if needed, flood insurance.
10. Closing. The closing agent gets the estoppel letter from the association, pays any dues the seller owes, and records the deed.

What condo documents should I read?

Short answer: the seller must give you the declaration, bylaws, rules, budget, financial statement, the latest structural reserve study (SIRS) and the milestone inspection summary. You have 7 days after you receive them to cancel a resale contract.

Florida Statutes 718.503 requires the seller to give the buyer, among other documents:

• The declaration, articles of incorporation, bylaws and rules.
• The annual financial statement and the budget.
• The latest structural integrity reserve study (SIRS), or a statement that it has not been done.
• The inspector's summary of the milestone inspection report, if the building needed one.
• The frequently asked questions document.

The contract must say in capital letters that the buyer can void it within 7 days after receiving these documents, excluding Saturdays, Sundays and legal holidays. That right ends at closing. For a new unit bought from the developer, the period is 15 days. Our guide to condo rules after Surfside explains each document and what to look for.

Ask for more than the law requires: the board minutes for the last 12 months, the association's insurance policy and deductibles, any planned special assessments or loans, and any lawsuits. Since January 1, 2026, associations with 25 or more units must post key documents, including the SIRS and inspection reports, on a website for owners.

How does condo association approval work?

Short answer: each building's declaration decides whether the association must approve buyers. Florida caps the application fee at $150 per applicant, and a married couple counts as one applicant. We found no state deadline for the association's answer.

• Who decides. Florida law lets a declaration set rules on the use, occupancy and transfer of units. Approval, interviews and a right of first refusal (the association can buy the unit itself) come from the declaration.
• Fee. If the association must approve the sale, it can charge up to $150 per applicant. Spouses, or parents with their dependent children, count as one.
• Time. We found no Florida statute that sets a time limit for the association to approve or deny a buyer. The declaration may set one. Ask the manager how long it takes and what it needs.
• What they ask. Usually an application form, ID, and permission for a background check. Some buildings also ask for an interview.

Read the rules on rentals before you buy. Many buildings set a minimum lease length, limit how often you can rent, or need approval of each tenant. If you plan to rent out the unit, these rules decide whether the plan works.

How much are HOA fees in Miami condos?

Short answer: in our data, the typical Miami-Dade building charged $1.23 per sq ft a month, Broward $0.99 and Palm Beach $1.13. Fees vary a lot by area and by building age.

The table shows the middle building in each area, from the condo buildings with the most listings on October 18, 2026. The fee is the monthly association fee divided by the unit size.

By building age, in Miami-Dade:

Single buildings can be far from the middle. Examples from our data: Winston Towers in Sunny Isles Beach, $0.58; Mystic Pointe in Aventura, $0.90; Icon Brickell, $1.42; Aston Martin Residences in Downtown, $1.72.

The fee pays for the building's insurance, staff, utilities in common areas, maintenance and reserves. A low fee is not always good news. Florida now requires buildings of 3 or more stories to fund reserves for structural items, so a building with low reserves may need to raise its fee or charge a special assessment. Compare the fee with the reserve study, not only with other buildings.

What are milestone inspections and reserves?

Short answer: Florida requires a structural inspection of condo buildings of 3 or more stories by the end of the year they turn 30, and every 10 years after. These buildings also need a reserve study (SIRS) at least every 10 years, and owners cannot vote to skip the structural reserves.

In our data, 253 of the 500 condo buildings with the most listings in South Florida were built in 1996 or earlier, so they are 30 years old or older in 2026. Miami-Dade County runs its own recertification program: buildings are due at 30 years and every 10 years after, and condo and co-op buildings of 3 or more stories within 3 miles of the coast are due at 25 years. Each city handles its own buildings, and the county's search covers unincorporated areas.

How to check a building:

1. Ask for the milestone inspection summary and the full report.
2. Look up the SIRS on the state's SIRS reporting pages.
3. In Miami-Dade, search the recertification status by address or folio number.
4. Compare the reserve balance with the SIRS funding plan.
5. Read the minutes for repairs or special assessments under discussion.

The condo rules after Surfside guide explains these laws in detail.

Can I get a loan on a Miami condo?

Short answer: yes, if the building meets the lender's rules. Buildings that meet Fannie Mae's project rules are often called "warrantable". Buildings that do not are "non-warrantable", and they need a different kind of loan, often with a larger down payment.

Fannie Mae buys many US mortgages, and many lenders follow its condo rules. Its Selling Guide (version of August 5, 2026) says a project is not eligible when, for example:

• It is managed and operated as a hotel or motel, or it has mandatory rental pooling.
• One person or company owns more than 20% of the units in a project of 21 or more units.
• More than 35% of the space is commercial.
• It needs critical repairs, or has unfunded repairs of more than $10,000 per unit due within 12 months.
• A special assessment is tied to a critical repair that has not been fixed.
• It has pending lawsuits about safety, structure or habitability.

For a full review, Fannie Mae also asks that the budget put at least 10% into reserves (or that a reserve study supports a different amount), and that no more than 15% of units be 60 days or more behind on fees. In a new building, at least 50% of the units must be sold or under contract. The guide now lists Full Review, PERS and waivers, and no longer lists the older "limited review". Florida Realtors reports that the reserve minimum will rise from 10% to 15%.

Other options:

• FHA loans. The building must be on HUD's approved list, or the single unit can get its own approval when at least 50% of units are owner-occupied.
• Non-warrantable loans. Some banks lend on buildings that fail these rules, usually with a larger down payment and a higher rate.
• Loans for foreign buyers. See our guide for foreign buyers.

Ask your lender to review the building before you sign, or make the contract depend on the loan. Many hotel-condo buildings in Miami Beach and Sunny Isles Beach have rental programs that can make a building non-warrantable, so ask first.

What does it cost to buy and to own a condo?

Short answer: at closing, the buyer usually pays title insurance (in Miami-Dade and Broward), recording, the application fee and loan costs. Every month, you pay the HOA fee, and every year, property tax and insurance.

At closing, on a $500,000 resale in Miami-Dade with the standard contract, the buyer's taxes and title insurance set by law come to $2,575 in cash, and the seller pays the $3,000 stamp tax on the deed. Our closing costs guide has the full list.

Yearly property tax depends on the city. The 2026 adopted total rates in Miami-Dade include 19.9544 mills in the City of Miami, 18.6681 in Miami Beach, 16.7154 in Aventura, 16.6407 in Sunny Isles Beach and 15.4636 in Key Biscayne. A mill is $1 per $1,000 of taxable value. If you live in the condo as your permanent home, the homestead exemption lowers the tax.

Example: a $500,000, 1,000 sq ft condo in the City of Miami, in a building with Brickell's typical fee of $1.31 per sq ft.

The HOA fee and the tax together come to about $25,700 a year without homestead. Add insurance and any special assessments.

Who pays dues the seller did not pay?

Short answer: the new owner is liable together with the seller for unpaid assessments, so the closing agent gets an estoppel letter and pays the association from the seller's money.

Florida Statutes 718.116 makes the buyer jointly liable with the previous owner for all unpaid assessments. The estoppel certificate, due within 10 business days after it is requested, lists what the seller owes and any special assessments. Read it, and read the minutes, because an assessment under discussion may not appear yet.

What insurance do I need for a condo?

Short answer: the association insures the building. You insure what is inside your unit that the association's policy does not cover, with an HO-6 policy. Your lender will require it, and your building's declaration may too.

Florida Statutes 718.111 says the items inside the unit that the association's policy does not cover, and the insurance on them, are the owner's responsibility. Ask the manager for the master policy and its deductible. After a hurricane, a large deductible can turn into a special assessment, so ask your insurer about loss assessment coverage. Our flood zones and insurance guide explains flood policies.

Is buying a condo in Miami a good investment?

Short answer: it depends on the building more than on the city. Check the building's finances, rental rules and fees before you look at the view.

Questions to answer before you buy as an investment:

• Can you rent it, and for how long at a time? Read the declaration and the city's rules on short rentals.
• What is the HOA fee per sq ft, and how much of it goes to reserves?
• Is a milestone inspection or a large repair coming?
• Can a buyer get a normal loan in the building when you sell?
• What do similar units in the same building rent for? Our building pages show active rentals.

Checklist before you sign

1. Compare the HOA fee per sq ft with nearby buildings of the same age.
2. Get the condo documents and note the date you received them.
3. Read the SIRS, the milestone summary, the budget and 12 months of minutes.
4. Ask about special assessments, loans and lawsuits.
5. Ask the lender to review the building.
6. Start the association application right away.
7. Get insurance quotes, including flood.
8. Ask a Florida real estate lawyer to review anything unclear within your 7 days.