How to Read a Florida Condo Prospectus: A Buyer's Guide

AnswerIn Florida, the developer of a new condominium with more than 20 residential units must file a prospectus (also called an offering circular) with the state and give a copy to every buyer (§718.504, Florida Statutes). It's the developer's official disclosure. It covers the building, completion date, budget, fees, restrictions, developer control, management contracts, and the declaration and other governing documents, attached as exhibits. Under §718.503, you can cancel your purchase contract by written notice within 15 days after you sign it and receive all the required documents, and again within 15 days after receiving any amendment that materially changes the offering against you. Read the prospectus in that window. Here is what each section says, and what to check.

What the prospectus is, and when you get it

Who must provide one: every developer of a residential condominium with more than 20 residential units, or one that is part of a group of condominiums sharing facilities with owners of more than 20 units. The developer files it with the Division of Florida Condominiums, Timeshares, and Mobile Homes before entering into an enforceable contract, and gives a copy to each buyer (§718.504).
What comes with it:
- A separate "Frequently Asked Questions and Answers" page covering voting rights, use and leasing restrictions, assessments, mandatory recreation memberships and any court cases in which the association may face liability over $100,000.
- A copy of the association's financial information under §718.111.
Smaller projects: if the condominium has 20 or fewer units, there's no prospectus, but the developer still must deliver the declaration, articles, bylaws, budget and other listed documents (§718.503(1)(b)).
Resale: a buyer purchasing from an owner gets association documents (the declaration, bylaws, rules, financial statements and budget, any milestone inspection summary and SIRS, and the FAQ) under §718.503(2). The resale contract allows cancellation within 7 days, excluding weekends and legal holidays. See Florida condo special assessments: what buyers should know.

Start with the cover and summary pages

The law sets the order of the first pages:

The cover page must carry three statements in conspicuous type. The most important for buyers: "ORAL REPRESENTATIONS CANNOT BE RELIED UPON AS CORRECTLY STATING THE REPRESENTATIONS OF THE DEVELOPER." If a sales associate promises something, such as a view, a finish, a fee or a date, check that it's in the prospectus or the contract.
The summary page collects every statement the law requires to appear in conspicuous type. It's effectively a list of the offering's biggest caveats. Read it first, then follow each one to the page it points to.
An index of contents and exhibits follows.

Section by section: what to check

Prospectus section (§718.504)	What it tells you	What to check
Description of the condominium (4)	Buildings, number of units, bedrooms and baths, and the estimated latest date of completion, or a statement that the date is in the purchase agreement	Find the completion date and compare it with your contract. See deposit delays and buyer rights
Fee simple or leasehold (5)	Whether you'll own the unit outright or hold a lease	Leaseholds come with a lease term and rent; read the exhibit
Facilities (6)–(7)	Each building and amenity committed to be built, those built only under conditions, and a summary of the structural integrity of buildings that need reserves	Separate committed amenities from conditional ones. Note who will own each facility
Recreation lease or club membership (8)	Whether a recreation lease or club membership is tied to the unit, and whether it's mandatory	Mandatory memberships mean fees on top of association dues
Management contracts (11)	Contracts for managing the association longer than one year, with the parties, term, services and compensation	Long developer-arranged contracts can bind owners after turnover
Developer control (12)	"THE DEVELOPER (OR OTHER PERSON) HAS THE RIGHT TO RETAIN CONTROL OF THE ASSOCIATION AFTER A MAJORITY OF THE UNITS HAVE BEEN SOLD," if that applies	How long the developer controls the board, and where that's described
Sale and leasing restrictions (10), (13), (17)	"THE SALE, LEASE, OR TRANSFER OF UNITS IS RESTRICTED OR CONTROLLED," if that applies. Also any leasing program, and use restrictions including children and pets	Rental minimums, approval rights and pet rules matter for investors and second-home buyers
Common expenses (20)	How each unit's share of common expenses and common elements was set	Compare your unit's share with similar units
Estimated operating budget (21)	Monthly and annual association expenses and each unit owner's expenses, for at least 12 months, with the statement that the budget is a "GOOD FAITH ESTIMATE ONLY" and that "ACTUAL COSTS OF SUCH ITEMS MAY EXCEED THE ESTIMATED COSTS"	Check reserves, insurance and any developer guarantee period. Cost increases are not material adverse changes that would let you cancel
Closing expenses (22)	A schedule of estimated closing costs and whether title insurance is available, and at whose expense	Compare it with your contract; see closing costs
Developer identity and experience (23)	Who the developer and principal are, and their experience	Look up prior projects yourself
Exhibits (24)	The declaration, articles, bylaws, ground or recreation leases, management agreements, budget, the association's most recent SIRS or a statement that none has been completed, the floor and plot plans, the escrow agreement, and any milestone inspection summary	The declaration and bylaws are binding. Read the use rules and assessment provisions
Easements, docks and land interest (26)–(28)	Easements not in the declaration, any dock or marina approvals, and evidence of the developer's interest in the land	Waterfront buyers should check dock approvals

Source: §718.504, Florida Statutes (2026). Section numbers in parentheses are the statute's subsections. Not every section applies to every project.

Your 15-day cancellation window

Every Florida developer contract must carry a conspicuous legend. It says the contract is voidable by the buyer by written notice within 15 days after the buyer signs and receives all items the developer must deliver under §718.503. The buyer may also cancel within 15 days after receiving an amendment that materially alters or modifies the offering in a manner adverse to the buyer.

Under the statute:

Any waiver of these rights has no effect.
The buyer may extend closing up to 15 days after receiving all required items.
The right to cancel ends at closing.
If closing happens more than 12 months after the offering circular was filed, the developer must give you the current estimated budget at closing (§718.503(1)(c)).

Practical point: the clock starts only when you've both signed and received everything. Keep a dated record of what you received and when.

Deposits and escrow

The contract must name the escrow agent and state that you can get a receipt for your deposit on request (§718.503).
If construction isn't substantially complete, payments up to 10% of the sale price must go into escrow. The state may accept a surety bond or letter of credit instead. Amounts over 10% go into a special escrow account. If the contract allows it, the developer may withdraw them once construction has begun, to pay actual construction and development costs (§718.202(3)).
See condo deposits and payment schedules.

Building safety disclosures

Florida's post-Surfside laws added safety documents to the paperwork:

Milestone inspections: buildings three or more habitable stories tall need one by Dec. 31 of the year they turn 30, then every 10 years. Local officials may require it at 25 years for buildings near salt water (§553.899).
SIRS: associations for buildings of three or more stories must have one every 10 years, covering the roof, structure, fireproofing, plumbing, electrical, waterproofing, windows and doors, among other items (§718.112(2)(g)).
What you get: the prospectus exhibits include the most recent SIRS (or a statement that none exists) and any milestone inspection summary. For a new building, the developer must have a turnover inspection report before handing control to owners.

If something in the prospectus was false

Under §718.506, a buyer who reasonably relied on a material statement that is false or misleading, published by or for the developer in advertising and promotional materials (including the prospectus and its exhibits), and paid toward the purchase, has a claim:

Before closing: to rescind the contract or collect damages.
After closing: for damages only, within the time limits the statute sets.

Talk to a Florida real estate attorney promptly.

Questions to ask before your window closes

Is this building over 20 units, and have I received the full prospectus, every exhibit and the FAQ page?
On what date did I receive the last required document, and when does my 15-day window end?
What is the estimated completion date, and how does the contract treat delays?
Which amenities are committed to be built, and which are conditional?
What are my unit's estimated monthly costs, and how much of the budget goes to reserves?
How long will the developer control the association, and what management contracts will owners inherit?
What leasing, pet and use restrictions apply?
Who holds my deposit, and does the contract allow funds over 10% to be used for construction?

Talk with a local agent

Browse agents on Find a Realtor.

Featured: Haute Real Estate Network members include Iryna Velychko (pre-construction and new development, Compass, Miami) and Mauricio J. Barba (luxury homes, condominiums and pre-construction, Miami Signature Homes | Compass, Coral Gables).

Haute Real Estate Network members are featured through paid membership. Membership is not an endorsement or a ranking.

Sources

Fla. Stat. §718.504, Prospectus or offering circular (2026). https://www.flsenate.gov/Laws/Statutes/2026/718.504 (fetched 2026-10-23).
Fla. Stat. §718.503, Developer disclosure prior to sale; nondeveloper unit owner disclosure prior to sale; voidability (2026). https://www.flsenate.gov/Laws/Statutes/2026/718.503 (fetched 2026-10-23).
Fla. Stat. §718.202, Sales or reservation deposits prior to closing (2026). https://www.flsenate.gov/Laws/Statutes/2026/718.202 (fetched 2026-10-23).
Fla. Stat. §718.506, Publication of false and misleading information (2026). https://www.flsenate.gov/Laws/Statutes/2026/718.506 (fetched 2026-10-23).
Fla. Stat. §718.112, Bylaws (structural integrity reserve study, (2)(g)) (2026). https://www.flsenate.gov/Laws/Statutes/2026/718.112 (fetched 2026-10-23).
Fla. Stat. §553.899, Mandatory structural inspections for condominium and cooperative buildings (2026). https://www.flsenate.gov/Laws/Statutes/2026/553.899 (fetched 2026-10-23).

This article is editorial and informational only. It is not legal advice; consult a Florida real estate attorney before signing or cancelling a condominium contract. Statutes cited are the 2026 Florida Statutes as of Oct. 23, 2026.