Short Answer
An approved special assessment is recorded against the unit and typically paid at closing, so a seller rarely escapes it. It is a negotiation point between buyer and seller, and it must be disclosed. Review the board minutes and budget before you list or before you offer.
Special assessments have become one of the defining realities of the Naples condo market. Post-Surfside law requires associations to complete structural inspections and fund the reserves for major components, and where reserves fell short, boards have turned to assessments, in some buildings reaching six figures per unit. Whether you are selling a unit with an assessment or buying into a building that may approve one, this is a number you need to see before you commit.
First, What an Assessment Is
A special assessment is a one-time charge the association levies on unit owners, usually to pay for a major repair or a shortfall the reserves cannot cover: a roof, a seawall, a parking garage, or a structural repair the inspection flagged. It is separate from the monthly maintenance fee, and it is typically billed over a period of months or years. Once approved, it becomes a lien on the unit, which is why it follows the property rather than the owner.
The 2026 Rules Change the Timeline
The rules shifted again for 2026. Under HB 913, enacted in 2025, a board can levy a special assessment or obtain a loan to pay for work required by the milestone inspection or the structural reserve study without a membership vote, and the threshold for what counts as a reserve item rose to $25,675 for 2026. That means an assessment can be approved quickly when an inspection flags a problem, and it must be disclosed in the financial statements made available to owners and prospective buyers. For a seller, the practical effect is that you can no longer assume there is time before a large charge lands. If the building has a current inspection and funded reserves, you are in a strong position. If it does not, an assessment may be closer than you think.
If You Are Selling
For a seller, the key question is who pays the assessment. If it has already been approved and billed, the seller is usually responsible through the closing date, and the buyer may be asked to reimburse the prepaid portion at closing. If an assessment is pending or expected, the contract should address it explicitly. The cleanest approach is to state it in the contract: how much is due, who pays what, and whether the balance transfers to the buyer. Sellers must also disclose the assessment under Florida law, because it is a material fact about the property.
If You Are Buying
For a buyer, the risks are the assessment that has been approved and the one that is coming. Read the most recent board minutes, the budget, and the reserve study. Minutes will show you what the board knows about upcoming repairs. The reserve study tells you whether the building is funding what it should. A well-funded building is worth a healthy fee; a building that has deferred the work is the one where a large assessment appears right after you close.
The Effect on Pricing
An assessment changes the math of the sale. A unit priced in line with comparables that also carries a $30,000 assessment is effectively more expensive, and sophisticated buyers will price that in. Sometimes the seller pays it, sometimes the buyer absorbs it, and sometimes the price adjusts to split the difference. What never works is pretending it is not there, because the closing statement and the title search will find it.
Get It in the Contract
My advice to every condo seller and buyer: get the assessment language into the contract, review the minutes and the reserve study before you sign, and let the title company confirm the current balance at closing. A transaction where everyone knows the assessment up front closes clean. The ones that surprise people are where the surprise came too late.
Key Things to Remember
- An approved special assessment becomes a lien on the unit and typically follows the property.
- Under the 2026 rules, boards can assess or borrow for milestone-required work without a membership vote, so an assessment can arrive quickly.
- Sellers must disclose assessments; the contract should say who pays what at closing.
- Buyers should read the board minutes, budget, and reserve study before offering.
- A pending assessment is a negotiating point between buyer and seller.
- Confirm the current balance with the title company at closing.
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