Requiring Buyers to Contribute to Reserves in FL

Hi Jeffrey,

Florida law allows condominium associations to require new purchasers to contribute to reserves, but only if the requirement is explicitly stated in the governing documents. Reserves must be funded through regular assessments unless the association’s declaration or bylaws permit additional contributions from new owners at the time of purchase.

Check if your governing documents allow for a capital contribution or similar fee. To charge this fee to new owners, the authority must be clearly defined in the CC&Rs or bylaws. However, the association cannot impose this requirement arbitrarily or retroactively if it is not already part of the bylaws or declaration.