Last updated 2026-08-14
TL;DR
Condo law firms in Fort Lauderdale don't perform reserve studies (only licensed engineers, architects, or reserve specialists do), but they interpret Fla. Stat. 718.112 funding rules, review board budgets for compliance, and defend associations in assessment disputes. Expect $300-$500/hour for partner time, with reserve studies themselves costing $3,000-$15,000+ depending on building size.
What does a condo law firm actually do for reserves and SIRS compliance?
A condo law firm doesn't inspect your building or calculate how much you need in reserves. That's not their job, and if a firm tells you they can "do your SIRS" without bringing in a licensed engineer or architect, walk away. Florida law is specific: a Structural Integrity Reserve Study (SIRS) must be performed by a licensed engineer or architect under Fla. Stat. 718.112(2)(g) [1]. What a good condo law firm in Fort Lauderdale (or anywhere in Florida) actually does is interpret the statute for your board, review the numbers your engineer and reserve specialist hand you, and make sure your budget resolution, membership notices, and waiver votes (where still legally allowed) follow the process the law demands. They also defend the association if an owner sues over a special assessment, or if a developer-turnover dispute puts old reserve funding on trial. Think of the law firm as the referee and the reserve specialist as the player on the field. You need both, and confusing their roles is how boards end up with a legally sloppy budget built on solid engineering, or a legally airtight budget built on guesswork. Broward County, where Fort Lauderdale sits, has one of the highest concentrations of coastal high-rises in the state, which means local firms here see more SIRS and milestone inspection disputes than firms inland. That local reps matters when you're picking counsel.
What is a reserve study?
A reserve study is a physical inspection and financial analysis of a building's major common-element components (roof, structure, plumbing, electrical, paving, painting, and more) that projects when each will need replacement and how much that replacement will cost. The result is a funding schedule showing what the association should be setting aside each year. In Florida, for buildings covered by the SIRS mandate, that inspection must be done by a licensed engineer or architect, and the study must address at minimum: roof, load-bearing walls, floor, foundation, fireproofing/fire protection systems, plumbing, electrical, waterproofing, exterior painting, and windows/exterior doors, per Fla. Stat. 718.112(2)(g)2 [1]. Older-style "reserve studies" (non-SIRS, financial-only) still exist and cover general reserve components under 718.112(2)(f), but SIRS is now the higher legal bar for buildings 3 stories and up. A reserve study isn't a one-time document you file away. It should get revisited, and the SIRS itself has to be updated at least every 10 years under the statute [1]. For a deeper walkthrough of what's inside one, see our reserve study guide.
What is a reserve study for an HOA (and how is it different from a condo SIRS)?
An HOA reserve study covers homeowners' association common property (roads, clubhouses, pools, drainage, fencing) rather than the load-bearing structural components of a condo building. HOAs are governed by Fla. Stat. ch. 720, not ch. 718, and (as of the current statute) most HOAs are not subject to the SIRS mandate that applies to condo buildings 3 stories and taller. That said, plenty of HOA boards choose to commission a reserve study anyway, because underfunded reserves are the single biggest cause of surprise special assessments in any community association, condo or HOA. A study typically covers 20-30 major components with a 20 to 30-year funding forecast. If your community has both condo buildings and HOA-governed common areas (common in mixed developments around Fort Lauderdale and Hollywood), you may need two separate studies with two different statutory frameworks. Our hoa reserve study page breaks down the HOA-specific requirements and best practices.
How much does a reserve study cost in Florida?
| Financial-only reserve update | $300 - $2,000 | Reserve specialist / accountant |
|---|---|---|
| Standard reserve study (non-SIRS component) | $1,500 - $5,000 | Reserve specialist, engineer for some items |
| Full SIRS (3+ stories) | $3,000 - $15,000+ | Licensed engineer or architect |
Reserve study costs in Florida generally run from about $3,000 for a small, simple condo building to $15,000 or more for a large high-rise with complex mechanical, electrical, and structural systems requiring engineer sign-off under SIRS. Cost drivers include building height, number of components inspected, whether a full engineering site visit is required, and how many buildings or phases the association covers. A financial-only reserve update (no new site visit, just re-running the numbers) often costs a few hundred to around $1,500-$2,000. A full SIRS with a licensed engineer's physical inspection of every statutory component costs meaningfully more than a basic financial reserve study, because it requires structural expertise, more than accounting. There's no statewide fee schedule and DBPR does not set or cap reserve study pricing [2], so get at least two or three quotes from licensed firms and ask specifically whether the quote includes the full SIRS component list or just a financial update. Cheap quotes sometimes exclude structural inspection entirely, which won't satisfy the statute. | Study type | Typical cost range | Who performs it |
How much should a condo or HOA have in reserves?
There's no single statewide percentage target; Florida law instead requires "full funding" of reserves for the statutory components once a SIRS is done, meaning the association can't underfund or waive reserves for those items starting with fiscal years beginning on or after January 1, 2025 [1]. For condo associations subject to SIRS, Fla. Stat. 718.112(2)(f)3 states members may no longer vote to waive or reduce these reserves once the SIRS deadline structure kicks in. A rough industry rule of thumb some reserve specialists use is that a healthy association funds reserves so the ratio of reserve balance to "fully funded" ideal balance stays above roughly 70%, though this isn't a Florida legal requirement, just a common financial planning benchmark used in the reserve-study industry nationally. What matters legally in Florida right now is narrower and more concrete: get your milestone inspection and SIRS done on time, get the SIRS-covered components fully funded per the new statute, and don't let your board vote to waive reserves for those specific items after the applicable deadline. Everything else (general reserves for non-structural items) still allows more board discretion under 718.112(2)(f).
What is an HOA or condo assessment, and what's the difference from a special assessment?
A regular assessment is the routine, budgeted fee owners pay (monthly or quarterly) that funds operating expenses and reserve contributions. A special assessment is a one-time or limited-duration charge the board levies outside the regular budget, usually to cover an unexpected repair, a reserve shortfall, or a legally mandated project like SIRS-driven structural work. Florida condo boards get authority to levy special assessments under Fla. Stat. 718.116 and their own declaration/bylaws; HOA boards work under Fla. Stat. ch. 720 and their governing documents. Neither statute caps the dollar amount of a special assessment the way some states do, though your declaration might require a membership vote above a certain threshold, so check your specific documents (and don't take a law firm's general statement as gospel for your building; ask your association's counsel to read your actual declaration). For boards facing a milestone or SIRS shortfall right now, special assessments have become common across South Florida. Our hoa special assessment and condo special assessment insurance pages cover notice requirements and how some owners are insuring against future hits.
Are HOA or condo special assessments tax deductible?
For most owners in a personal residence, no, special assessments are generally not tax deductible the way mortgage interest is, because the IRS treats them similarly to a capital improvement cost added to your property's basis rather than a deductible expense. IRS Publication 530 states that assessments for local benefits that tend to increase the value of your property, like a special assessment for streets or sidewalks, are not deductible as real estate taxes, and are instead added to your property's basis [3]. If you own the unit as a rental property, special assessments for repairs may be deductible as a business expense in the year paid, or capitalized and depreciated if they're for a capital improvement, depending on the facts under IRS Publication 527 [4]. This is genuinely fact-specific (repair vs. improvement, personal vs. rental use), so don't take a board member's guess as tax advice. Talk to a CPA who handles rental real estate, more than your condo law firm, since law firms generally don't give personal tax advice on assessment deductibility.
What should I ask before hiring a condo law firm in Fort Lauderdale?
Ask how many SIRS-related and milestone inspection matters the firm has actively handled since the 2022-2023 statutory changes, more than how long the firm has existed. The law changed enough (particularly around the reserve waiver ban and milestone timelines) that experience predating 2023 tells you less than you'd think. Ask whether the firm bills hourly or offers flat-fee packages for routine work like reviewing a reserve study for legal sufficiency, drafting a special assessment notice, or handling a turnover reserve dispute. Hourly rates for board-side condo attorneys in South Florida commonly run $300-$500+/hour for partners, somewhat less for associates, though rates vary by firm size and reputation and no state fee schedule governs private attorney billing. Ask directly: "Do you perform reserve studies or SIRS inspections in-house?" The honest answer should be no. If a law firm claims in-house engineering capacity for SIRS, that's a red flag, because the statute requires a licensed engineer or architect for that work [1], and law firms aren't licensed as engineering firms. Finally, ask about conflicts. Some firms represent developers on one project and associations on another; that's not automatically disqualifying but you want it disclosed.
What's the legal deadline for milestone inspections and SIRS in Fort Lauderdale?
Broward County (where Fort Lauderdale is located) has its own local milestone inspection ordinance history predating the statewide law, since Miami-Dade and Broward pioneered 40-year recertification programs decades before the Surfside collapse prompted the 2022 statewide overhaul. Under the current statewide law, buildings 3 stories or more generally need their initial milestone inspection by the 30th year after the certificate of occupancy (25th year if within 3 miles of the coast), and every 10 years after that, per Fla. Stat. 553.899 [5]. Fort Lauderdale's coastline means a large share of its condo stock falls under the tighter 25-year coastal trigger rather than the 30-year inland one. If you're not sure which trigger applies to your building, that 3-mile coastal distance measurement is something your local building department (not your law firm) can confirm. SIRS deadlines run on a separate but related track: associations must complete their initial SIRS by December 31, 2024, for buildings reaching their milestone threshold, per Fla. Stat. 718.112(2)(g) [1]. Miss it, and the reserve-waiver restrictions and potential liability exposure both get worse, not better, the longer a board waits.
How do reserve fund relief options factor into 2025 budgeting?
The legislature has adjusted reserve funding rules more than once since 2022, including partial relief measures letting some associations phase in full funding rather than hitting 100% in one year. These changes move fast enough that a board relying on a 2023 article (or a 2022 one) is working from outdated numbers. Before your board finalizes next year's budget, ask your association's counsel specifically which version of the reserve funding statute currently applies to your fiscal year, because the phase-in schedules and waiver restrictions have shifted with amendments to Fla. Stat. 718.112. Our florida condo reserve fund relief page tracks the major changes, but statute amendments move faster than any single article can, so verify directly with the current text of Fla. Stat. 718.112 [1] or your counsel before you finalize a budget resolution.
How does a board actually organize a SIRS and reserve budgeting process without hiring a full-service firm for everything?
Most boards don't need a full-service law firm managing every step. What they need is a clear internal system: a schedule for when the milestone inspection and SIRS are due, a checklist of what documents the engineer and reserve specialist need to deliver, and a communication plan for owners who will ask hard questions about a coming special assessment. That's the gap a purpose-built compliance kit fills. BoardDeadline's $199 one-time Building-Specific Board Compliance Kit doesn't replace your engineer, your reserve specialist, or your attorney. It organizes their deliverables, tracks your building's specific milestone and SIRS deadlines by age and coastal distance, and gives your board a communication template for the owner meeting where you explain why reserves are jumping. You still hire the licensed professionals the statute requires; the kit keeps the paperwork and timeline straight so nothing slips through a volunteer board's cracks. Check it out at /board-kit-builder.
What happens if a board ignores SIRS or reserve funding requirements?
Boards that skip a required SIRS or continue underfunding statutory reserve components risk a few concrete problems: potential board member liability exposure for breach of fiduciary duty, difficulty selling units (buyers' lenders increasingly ask for SIRS and milestone status before closing), and a bigger special assessment later than a phased-in one would have been. Florida law doesn't spell out a single specific fine amount for missing a SIRS deadline the way a parking ticket has a set fine, but noncompliance can surface in DBPR complaints, in litigation from owners, and in insurance underwriting, where carriers increasingly ask for milestone and SIRS status before renewing or writing a policy. Practically speaking, the market has become its own enforcement mechanism: buildings without current inspections and funded reserves are having a harder time getting affordable insurance and mortgage-eligible buyer financing. Don't wait for a regulator to catch the gap. Get the reserve study or SIRS underway on your own timeline, not a lender's or a lawsuit's.
Frequently asked questions
What is a reserve study?
A reserve study is a professional inspection and financial forecast of a building's major shared components (roof, plumbing, structure, etc.) that estimates remaining useful life, replacement cost, and the annual funding needed. In Florida, SIRS versions for condos 3+ stories must be done by a licensed engineer or architect under Fla. Stat. 718.112(2)(g).
What is a reserve study for an HOA?
It's the same type of component inspection and funding forecast, but covering HOA common property like roads, clubhouses, and drainage under Fla. Stat. ch. 720 rather than condo structural elements under ch. 718. Most HOAs aren't currently subject to the mandatory SIRS rule that applies to condo buildings.
What is an HOA assessment?
An HOA assessment is a fee the association charges owners, either as a routine budgeted charge or as a one-time special assessment for unexpected costs like storm damage or a reserve shortfall. Governing authority comes from Fla. Stat. ch. 720 and the community's own declaration and bylaws.
What is a condo assessment?
A condo assessment is the fee a condo association charges owners under Fla. Stat. ch. 718, covering operating costs and reserve funding through regular assessments, or unexpected costs through special assessments authorized under Fla. Stat. 718.116 and the association's declaration.
How much should an HOA or condo have in reserves?
There's no single statewide dollar target. Florida law requires full funding of statutory SIRS components for condos starting with fiscal years on or after January 1, 2025, per Fla. Stat. 718.112(2)(f). Some reserve specialists use a 70%-funded ratio as an informal industry health benchmark, but that's not a legal requirement.
How much does a reserve study cost in Florida?
Costs typically range from about $3,000 for a small building's basic reserve study up to $15,000 or more for a large high-rise needing a full SIRS engineering inspection. A financial-only update without a new site visit can cost as little as a few hundred to around $2,000. Get multiple quotes since there's no state fee schedule.
Are HOA or condo special assessments tax deductible?
Generally no for owner-occupants; IRS Publication 530 treats special assessments for local benefits as added to your property's cost basis rather than a deductible expense. For rental property owners, some special assessments may be deductible or depreciable depending on whether they're repairs or capital improvements, per IRS Publication 527. Talk to a CPA for your specific situation.
Does a condo law firm perform the reserve study or SIRS inspection itself?
No. Florida law requires SIRS inspections be done by a licensed engineer or architect under Fla. Stat. 718.112(2)(g). A condo law firm's role is legal: interpreting the statute, reviewing your board's compliance process, and handling disputes, not conducting the physical inspection or engineering analysis.
What's the difference between a milestone inspection and a SIRS?
A milestone inspection is a structural safety inspection required at 25 or 30 years (depending on coastal distance) under Fla. Stat. 553.899. A SIRS is a separate reserve-funding study covering specific building components, required under Fla. Stat. 718.112(2)(g), with its own 10-year update cycle.
How much do condo attorneys charge in Fort Lauderdale?
Board-side condo attorneys in South Florida commonly bill $300-$500+ per hour for partner time, with lower rates for associates, though there's no state-set fee schedule and rates vary by firm size and specialization. Some firms offer flat fees for routine tasks like reviewing a budget resolution or drafting assessment notices.
When is the milestone inspection deadline if my building is near the coast?
Buildings within 3 miles of the coastline generally must complete their initial milestone inspection by the 25th year after the certificate of occupancy, versus the 30th year for inland buildings, then every 10 years after, under Fla. Stat. 553.899. Confirm the exact coastal distance measurement with your local building department.
Can a condo board still waive reserve funding in Florida?
Not for SIRS-covered structural components starting with fiscal years beginning on or after January 1, 2025; Fla. Stat. 718.112(2)(f) removed the member vote option to waive or reduce those specific reserves. Non-SIRS general reserve items may still allow some board discretion, so confirm current rules with counsel.
Sources
- Florida Senate, Florida Statutes 718.112: SIRS requirements, licensed engineer/architect mandate, statutory component list, reserve funding/waiver rules, and December 31, 2024 initial SIRS deadline
- Florida DBPR, Condominium, Cooperative and Planned Development Governance FAQs (updated 2024): DBPR guidance addressing condo reserve and SIRS compliance questions from associations and owners
- IRS Publication 530, Tax Information for Homeowners: Special assessments for local benefits are added to property basis rather than deducted as real estate taxes
- Florida Senate, Florida Statutes 553.899: Milestone inspection deadlines at 25 years (coastal) or 30 years (inland) after certificate of occupancy, every 10 years thereafter
- IRS Publication 527, Residential Rental Property (Including Rental of Vacation Homes): Tax treatment of repairs versus capital improvements for rental property owners, relevant to special assessment deductibility
- Florida Senate, Florida Statutes 718.116: Statutory authority for condo associations to levy assessments, including special assessments, against unit owners