Miami Condo Due Diligence
Miami Condo SIRS & Reserves Explained
A SIRS helps explain what the building expects to spend on major components and how those obligations are intended to be funded.
Useful life
When major components may need replacement or deferred maintenance.
Estimated cost
The study's estimate of replacement or deferred-maintenance expense.
Funding schedule
Recommended annual reserve amounts and how the association plans to reach future obligations.
Funding method
Regular assessments, special assessments, loans or lines of credit can affect the reserve plan.
Florida framework
What the current rules require
As of August 8, 2026, current Florida law generally requires a SIRS at least every 10 years for residential condominium buildings that are three habitable stories or higher, subject to statutory exceptions.
| SIRS item | What the study addresses |
|---|---|
| Roof | Remaining useful life and estimated future cost |
| Structure | Load-bearing walls and primary structural systems |
| Fireproofing / fire protection | Major systems affecting structural safety |
| Plumbing | Major common plumbing components |
| Electrical | Major common electrical systems |
| Waterproofing / exterior painting | Envelope protection and related maintenance |
| Windows / exterior doors | Association-responsibility components where applicable |
| Other qualifying structural items | Other major items above the statutory / inflation-adjusted threshold when failure affects structural integrity |
Buyer interpretation
Four questions matter more than the headline reserve balance
- What work is the study expecting? A large reserve requirement may reflect foreseeable replacement of expensive components rather than financial distress.
- How soon? A costly component with a long remaining life is a different risk than one expected within the next few budget years.
- How is it being funded? Regular reserves, special assessment, loan or a combination can produce very different owner cash-flow implications.
- Has reality changed since the study? Repairs, engineering findings or completed projects can change useful-life and funding assumptions.
Primary sources
Official references used for this guide
Rules and lending standards can change. These are the government and agency sources this page was checked against.
- Florida Statutes §718.112 — SIRS and reserve funding
- Florida DBPR — SIRS deadlines and inspection guidance
- Florida DBPR — SIRS reporting and database
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