Updated October 2026. Seven practical steps for buying or selling a condo, from HOA budgets and pre-approval to Florida’s resale documents, milestone inspections and the 7-day cancel window. Sources were read on October 28, 2026.
As of October 2026, the condo steps that matter most are the money ones: budget for the monthly HOA fee, get pre-approved, and read the association’s documents before you commit. In Florida, a resale buyer who gets the condo documents after signing can cancel within 7 business days under Statute 718.503, and buildings three stories or taller need milestone inspections at 30 years.
Jump to: 📍 Research · 💲 Budget and fees · 🤝 Getting help · 🪜 Condo documents · 🏠 Selling a condo · ❓ FAQ
Key takeaways
- Your real monthly cost is mortgage plus taxes, insurance and the HOA fee. Ask about special assessments too.
- Florida resale buyers are entitled, at the seller’s expense, to the declaration, bylaws, rules, budget and financial statement.
- If those arrive after you sign, Florida gives you 7 days, excluding weekends and holidays, to cancel.
- Florida condo buildings of three or more stories need a milestone inspection by the end of the year they turn 30, then every 10 years.
A condo can be a great first home, a downsizing move or a rental. It also comes with a second set of rules: the association’s. Buyers who do well read those rules early. Sellers who do well have the documents ready before the first showing. Here are the seven steps, in the order they come up.
1. How do you research a condo market?
Look at recent sales in the same building, not just the neighborhood. Units in one building tend to move together, because they share the same fees, rules and repairs. Check how many units are for sale right now. A lot of listings at once can be a sign of a big repair or assessment coming.
The same goes for any market. If you’re shopping in the Toronto area and run into square one condos for sale, for example, compare price per square foot across nearby towers and research the surroundings before you commit. Ask what’s planned nearby, since a new tower next door can change the view and the rental demand.
2. What should a condo budget include?
More than the mortgage. Your monthly cost includes principal and interest, property taxes, your own insurance (often an HO-6 policy for the inside of the unit), and the HOA fee. The Washington Post made the same point years ago: when you set your budget for a condo, don’t forget the fees. They still catch people.
| Monthly cost | What to ask |
|---|---|
| Mortgage payment | Rate and term from your lender |
| HOA fee | What it covers, and how much it rose in recent years |
| Special assessments | Any approved or proposed, and the amount per unit |
| Insurance | What the master policy covers vs your unit policy |
| Property taxes | Current bill, and whether the homestead exemption applies |
3. Get pre-approved first
A pre-approval tells you what you can borrow and shows a seller you’re serious. With condos, lenders also look at the building: owner-occupancy, reserves, litigation and insurance. A building that doesn’t meet a lender’s rules can limit your loan options. In Florida, Beycome Mortgage has a page on Florida condo loans that explains what lenders check.
4. Who can help you buy or sell a condo?
You can work with an agent, a flat fee broker, or go it alone. All three work. What matters is someone reads the condo documents with you and keeps the deadlines straight. Condo deals have more paperwork than a house sale, and more dates to miss.
If you’re buying, the beycome buyer program is open to every buyer on homes listed by other agents (the commission credit can’t apply where no buyer-agent commission is offered, like most FSBO homes, or on homes listed by Beycome sellers). There’s no upfront fee. Beycome keeps 1% of the price, minimum $1,499, and credits the rest of the buyer-agent commission at closing, with lender approval. On a $400,000 condo with 3% offered, that’s $8,000 back.
5. Set your search criteria
Write down your must-haves before you tour. Bedrooms and baths, parking, pet rules, rental rules, elevator, laundry in the unit, and commute. Rental limits matter even if you plan to live there, because they affect resale. Some associations cap rentals or require a minimum lease length.
6. Tour several units and compare
See three or four units, ideally in different buildings. Look past the finishes. Check the hallways, the roof if you can, the pool deck and the garage. Ask the manager about recent repairs, and how long the current board has served. A well-run building looks well run.
7. What condo documents should you read before buying?
This is the step people skip, and the one that costs the most. In Florida, Statute 718.503 says a resale buyer is entitled, at the seller’s expense, to the declaration of condominium, the articles, the bylaws and rules, the annual financial statement and budget, and the association’s FAQ sheet. The list also includes the summary of the milestone inspection report and the latest structural integrity reserve study, where they apply.
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On homes listed by other agents, Beycome credits you up to 2% of the price at closing (1% kept, $1,499 minimum; not on FSBO homes or homes listed by Beycome sellers).
Buy a home →Timing matters. If you got those documents more than 7 days before signing, the contract says so. If you get them after signing, the contract is voidable: you can cancel in writing within 7 days, excluding weekends and legal holidays, after you receive them. Mark that date the day the documents arrive.
Florida Statute 553.899 adds the inspection rule. A condo building three habitable stories or taller must have a milestone inspection by December 31 of the year it turns 30, then every 10 years. Local officials can move that to 25 years near salt water. A building with a big repair list in its report can mean higher fees or an assessment, so read the summary closely.
Outside Florida, the names change, but the idea is the same: budget, minutes, reserves, rules. Our guide to maximizing your condo investment covers what investors look for.
How do you sell a condo for top dollar?
Get the paperwork ready before you list. Request the documents from the association early, since some take a while to produce. Ask for a recent estoppel letter so buyers know the fees are current. Then price against the building’s recent sales, and show what the HOA fee covers in the listing.
Photos and description do the rest. Our guide on how to successfully market a condo walks through it, and why people buy luxury condos helps you write for the right buyer. First-time buyers are a big part of the market too; see the advantages of condo living for first-time homebuyers.
Beycome lists condos on the MLS for a flat fee: Basic $99, Enhanced $399, and Concierge $1,399, with $0 at closing. See the flat fee MLS packages. For Florida closings, Beycome Title handles the settlement with a $99 settlement fee, prepaid at checkout. Moving into a condo from a house? Read our step-by-step guide to moving from a house to a condo. And for what each side pays at the end, see closing costs for sellers and buyers.
Condo buying and selling questions people ask
Can I back out of a condo purchase in Florida?
If you received the condo documents after signing, yes: Statute 718.503 lets a resale buyer cancel in writing within 7 days, excluding weekends and holidays, after receipt.
Who pays for condo documents in a Florida resale?
The seller. Florida law says the buyer is entitled to current copies at the seller’s expense.
What is a milestone inspection?
A structural inspection Florida requires for condo buildings three or more stories tall, by the end of the year they turn 30, then every 10 years.
What costs should I budget for a condo?
Mortgage, property taxes, your unit insurance, the HOA fee and any special assessments. Ask how much the fee has risen recently.
Can I get a commission credit when buying a condo?
With the Beycome buyer program, yes, on condos listed by other agents that offer a buyer-agent commission. Beycome keeps 1%, minimum $1,499, and credits the rest at closing with lender approval.
Florida rules: Statutes 718.503 and 553.899, read October 28, 2026. Other states have different condo resale rules. General information, not legal advice. Beycome Mortgage (NMLS #2523620) is licensed in Florida only.
Beycome prices as of October 2026. “$0 at closing” means no Beycome fee at closing; other closing costs, taxes, title and any buyer-agent compensation you agree to still apply. Concierge is $1,399 and Basic is $129 in California and Illinois. Buyer credit: minimum $1,499, lender approval, not on FSBO homes or homes listed by Beycome sellers. Beycome Title: Florida, Texas, Michigan, Ohio, Illinois and Indiana.
Sources
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