Selling Your Miami Condo: Pricing, Timing and the Documents You Will Need

Florida law imposes specific disclosure obligations on condo sellers, and a missing document gives the buyer a statutory window to cancel under Florida Statutes §718.503 — a deal already under contract can unwind on a paperwork gap. The closing costs run differently than sellers expect, and the pricing conversation in Edgewater and Brickell requires more nuance than an automated estimate provides. Here is what I walk sellers through from day one.

Published September 4, 2026

Selling a condominium in Miami involves a document assembly process that does not exist when selling a single-family home. Florida's condominium statute requires sellers to provide buyers with a specific package of association documents, and the buyer has three business days after receiving those documents to cancel the contract with no penalty. Getting this package right before the contract is signed — rather than scrambling to assemble it afterward — is the single most underrated part of a Miami condo sale.

What Florida Law Requires You to Disclose

Florida Statutes §718.503(2) governs the disclosure obligations for resale condominium units. The seller must provide the buyer, within three business days of executing the purchase agreement, with the following documents from the association:

Declaration of Condominium

The foundational legal document establishing the condominium, defining unit boundaries, common elements, and the rights and obligations of unit owners. This document is recorded in the county's public records and governs what you own and what the association owns.

Articles of Incorporation

The corporate charter of the condominium association as a Florida not-for-profit corporation. Establishes the legal existence of the entity that manages the building.

Bylaws and Rules of the Association

The operational rules — board governance, meeting procedures, voting rights, amendment processes — plus the use restrictions that apply to units and common areas. Pet policies, rental restrictions, parking rules, and noise regulations live here.

Most Recent Year-End Financial Information

The association's most recent annual income and expenditure statement. Required to give the buyer a picture of whether the association is operating within its budget and whether reserves are being funded at the level the budget contemplates.

Frequently Asked Questions and Answers Document

A statutorily required summary document covering monthly fees, special assessment history, pending litigation, and other material facts in plain language. Associations are required to maintain and update this document.

Governance Form

A summary of the association's governance structure required under the statute. Describes how the board is constituted, election procedures, and the rights of unit owners.

Current Year Budget and Proposed Budget

The adopted operating budget for the current fiscal year and, if available, the proposed budget for the following year. The budget discloses the reserve funding level — whether the association is funding reserves at 100%, a lower percentage, or has voted to waive reserves — which is material to a buyer's assessment of special assessment risk.

Milestone Inspection Report (if applicable)

Required under the 2022 legislative changes (SB 4D) for buildings three stories or taller that are 25 years or older, or 30 years or older if within three miles of the coastline. The report documents a licensed engineer's assessment of the building's structural integrity. If a milestone inspection has been performed, the report must be provided.

Structural Integrity Reserve Study (if applicable)

Also required under SB 4D for buildings three stories or taller and ten or more years old. The SIRS documents the condition of structural components — roof, load-bearing walls, floors, foundation, plumbing, electrical, windows — and the funding level needed to address each over time. Associations were required to complete their initial SIRS by December 31, 2024. If one exists, it must be provided.

The buyer's three-business-day rescission period under §718.503(2)(b) begins when the buyer receives all required documents — not when the contract is signed. If the package is incomplete, the clock does not start. A seller who delivers an incomplete package may find the buyer extending the rescission window indefinitely, or using the gap as leverage to renegotiate. Assembling this package before listing — not after going under contract — eliminates that exposure.

Board Minutes: A Separate Request

Meeting minutes are not automatically part of the §718.503(2) disclosure package, but buyers consistently request them — and for good reason. Under Florida Statutes §718.111(12), a unit owner or their authorized representative is entitled to inspect and copy the association's records, including meeting minutes, within ten working days of a written request.

In practice, buyers request the last 12–24 months of board minutes during the inspection period. Minutes reveal pending litigation, deferred maintenance discussions, upcoming special assessment votes, engineering concerns flagged but not yet actioned, and disputes between the board and unit owners. As a seller, you cannot control what the minutes say, but you can expect the buyer's agent to request them and factor them into their client's decision. See what a buyer looks for in board minutes for a detailed breakdown.

Pricing Your Unit: The Variables That Matter

Automated valuation models use sales data that cannot account for the variables that most drive price in a condo building. Four factors consistently move price beyond what the neighborhood median predicts:

The building itself. Two condominiums at the same address — same square footage, same year purchased — can have materially different market values if one is in a building with a strong reserve fund, no pending assessments, and a well-managed HOA, versus one that is underfunded and running deferred maintenance. Buyers with a good buyer's agent will know the difference. Sellers who do not know the state of their association before listing are often surprised when it affects offers.

Floor and view direction. In Edgewater and Brickell, the floor premium is real and building-specific. Upper floors with unobstructed bay or city views command meaningful premiums over comparable lower-floor units. In the Edgewater bay-front buildings, the difference between a city-facing unit and a bay-facing unit on the same floor can be 15–25% of sale price. View direction matters — a southeast exposure in a Brickell tower captures different light and different views than a northwest exposure in the same building, and the market prices them differently.

HOA fees per square foot. Buyers underwriting a purchase compare HOA fees across buildings at similar price points. A unit with high HOA fees relative to the amenity package and building condition requires a lower asking price to achieve the same total monthly cost of ownership. A unit with HOA fees that have been steady for three years in a fully funded building commands a premium.

Condition of the unit itself. Kitchen and bath finishes, flooring, and the state of appliances affect days on market and final sale price. In a building where 40% of units have been renovated, an unrenovated unit competing at the same price as renovated stock will sit. The pricing conversation needs to start from an honest assessment of where your unit falls relative to competing inventory in the building — not just relative to the neighborhood median.

Closing Costs: What Sellers Actually Pay

Miami-Dade sellers consistently underestimate their closing cost obligations. Here is what a seller typically pays on a $1,000,000 sale:

Documentary Stamp Tax on the Deed

In Florida, the seller pays documentary stamp tax on the deed at $0.70 per $100 of sale price. On a $1,000,000 sale, this is $7,000. There is no negotiating this — it is a state-mandated tax assessed at closing.

Real Estate Commission

Commission is negotiated between the seller and the listing broker. A 5.5% commission on a $1,000,000 sale is $55,000. Commission structures have evolved since the 2024 NAR settlement changes; the specific structure should be discussed and documented in the listing agreement before signing.

HOA Estoppel Certificate

The buyer requires an estoppel certificate from the condominium association confirming the current balance of HOA dues, any past-due amounts, pending assessments, and other fees owed against the unit. Florida Statutes §718.116 governs estoppel fees — associations may charge up to $250 for a standard estoppel, $100 for an expedited estoppel (delivered within 3 business days), and an additional $150 if the unit has a delinquent account. Budget $250–400.

Prorated Property Taxes

Florida property taxes are paid in arrears. At closing, the seller credits the buyer for the seller's portion of the current tax year — the days from January 1 through the closing date. On a $1,000,000 property with annual taxes of approximately $12,000–15,000, the seller's credit at a September closing covers roughly eight months, or $8,000–10,000.

Title Insurance (Seller's Portion)

In Miami-Dade, it is customary for the seller to pay for the owner's title insurance policy. Florida uses promulgated rates based on the purchase price — on a $1,000,000 sale the owner's policy runs approximately $5,575 at promulgated rates. The lender's title policy, if the buyer is financing, is typically paid by the buyer as part of their loan costs.

Recording Fees

Recording fees for the deed in Miami-Dade run approximately $10–25 depending on the number of pages. Minimal but part of the closing disclosure.

Attorney's Fees (Optional)

Florida does not require an attorney at closing — a title company can handle the closing entirely. However, sellers with complex situations (trust ownership, estate sale, multiple owners, or a transaction with unusual terms) often retain a Florida real estate attorney. Budget $1,500–3,000 for attorney representation at closing if you choose to use one.

On a $1,000,000 sale with a 5.5% commission, the seller's total closing costs — commission, doc stamps, title insurance, estoppel, prorated taxes, and recording — run approximately $70,000–80,000. Net proceeds before mortgage payoff are approximately $920,000–930,000. If there is a mortgage on the property, the payoff balance reduces net proceeds further.

Timing the Market: Seasonality in Miami

Miami's condo market has a seasonality pattern that is well-documented over decades. The peak buyer activity window runs October through March — northern buyers are in Miami more frequently, snowbirds are making decisions, and the winter and spring months drive the highest transaction volume. Listings priced correctly and launched in October or November typically see the strongest first-offer activity.

The summer months — June through August — are slower. Heat, humidity, and hurricane season reduce foot traffic. Days on market in summer-listed units tend to be longer, and sellers who must list in summer should price with that reality in mind rather than against peak-season comps.

The exception is inventory-constrained buildings. In a building with limited resale volume — fewer than 10 closed sales per year — seasonality matters less than the appearance of a new listing. A buyer waiting for a specific building who has been watching for 18 months will move in August if the right unit lists.

The Offer Process and Contract Terms

Most Miami condo transactions use the Florida Realtors/Florida Bar AS IS Residential Contract for Sale and Purchase. The AS IS contract does not eliminate the buyer's right to inspect — it limits the seller's obligation to make repairs. The buyer retains the right to cancel within the inspection period if they find condition issues unacceptable to them.

Standard inspection periods run 10–15 days. Earnest money deposits in Miami typically run 5–10% of the purchase price — on a $1M sale, expect $50,000–100,000 in escrow. The deposit is at risk if the buyer cancels outside the inspection period without a contractual basis.

If your building is subject to Fannie Mae or Freddie Mac financing restrictions — buildings that have failed the condo questionnaire process, have delinquency rates above thresholds, or have pending litigation — expect fewer financed offers and a buyer pool weighted toward cash. Buildings that have recently passed a Fannie Mae Project Review typically document that approval, and it supports the case for a higher asking price relative to comparable buildings without it.

Common Seller Mistakes

The mistakes that cost Miami condo sellers money tend to cluster in a few areas. Overpricing relative to the building's actual competitive set — not the neighborhood median — is the most common. A unit priced at the Edgewater median that is actually competing against other units in the same building that have been renovated will sit and accumulate days on market, which creates buyer negotiating leverage.

The second most common mistake is not assembling the §718.503(2) document package before going under contract. Sellers who scramble to get association documents after the contract is signed sometimes cannot get them within the three-business-day window, extending the buyer's rescission right and introducing deal uncertainty at a critical moment.

Underestimating the HOA estoppel process is the third. Some Miami associations are slow — there are buildings where getting an estoppel certificate takes two to three weeks even with a standard timeline. Order it early; it cannot close without it.

Frequently Asked Questions

How long does a Miami condo sale typically take from list to close?

In the current market, a well-priced condo in Edgewater or Brickell that attracts an offer within the first 30 days can close in 45–60 days from contract execution — longer if the buyer is financing and the lender's condo review takes time, or shorter if the transaction is all-cash. Budget 60–90 days from list date to closing as a working assumption.

Does the buyer pay closing costs in Miami?

Both parties have closing costs. In Miami-Dade, the seller typically pays documentary stamp tax on the deed, real estate commission, owner's title insurance, and the HOA estoppel. The buyer typically pays documentary stamp tax on the mortgage note, recording fees, and their loan-related costs. What each party pays is negotiable in the contract — the customs described here are Miami-Dade norms, not statutory requirements.

What happens if my building fails a condo questionnaire?

A building that fails Fannie Mae or Freddie Mac review is considered a "non-warrantable" condo. Buyers seeking conventional financing in that building cannot get Fannie/Freddie-backed loans, which significantly narrows the buyer pool to cash buyers or those using portfolio lenders at higher rates. This affects both marketability and achievable price. If your building's warrantability status is uncertain, find out before pricing.

Can I sell a Miami condo without a real estate attorney?

Yes. Florida does not require attorney involvement in a residential real estate closing. A licensed title company handles closings routinely in Florida without attorney participation. Whether you should retain an attorney depends on the complexity of your situation — estate sales, trust ownership, partnership interests, or unusual contract terms often warrant legal review.

What is the milestone inspection and do I have to pay for it?

The milestone inspection (required by SB 4D / Florida Statutes §553.899 for qualifying buildings) is the association's obligation to commission and pay for — not the individual unit owner's. As a seller, your obligation is to provide the report to the buyer if one exists. If your building has not yet had a required milestone inspection, that is a material fact that affects buyer confidence and should be addressed with the board.

Should I repaint and update before listing?

Fresh paint and clean presentation consistently reduce days on market. Major renovations before selling in the current market are harder to recoup — a full kitchen renovation rarely returns dollar-for-dollar in a building where buyers have been absorbing renovation costs themselves. The better question is what the competing inventory in your building looks like and whether your unit's condition is a meaningful negative relative to that inventory specifically.

Stefania Riverin, Licensed Real Estate Sales Associate, FL SL3620067, brokered by NB Elite Realty. General information about the selling process; not legal advice. Consult a Florida real estate attorney and a qualified tax advisor regarding your individual situation.