SIRS (Structural Integrity Reserve Study)
En español: SIRS (estudio de reservas de integridad estructural)
A structural integrity reserve study is the funding side of Florida's condominium safety regime. For residential condominium buildings of three or more habitable stories, it prices the remaining life and replacement cost of the structural components, the roof, load-bearing structure, fire protection, plumbing, electrical, waterproofing, and windows and exterior doors, and sets what the association must reserve.
- It prices the future, and the association has to fund it. A low monthly fee on a thin study is a bill that has not arrived yet.
- Read it with the milestone inspection and the budget. The study says what is coming; the budget says whether anyone is paying for it.
- Underfunded reserves also affect financing. Some lenders will not lend into a building whose reserves fail their test.
- The statute has been amended more than once. Confirm current scope and funding obligations against the version in force before advising anyone.
The study, the components it must cover and the funding obligation sit in the condominium act: Section 718.112, Florida Statutes
Related terms
All termsMilestone Inspection
A milestone inspection is the structural inspection Florida requires of condominium and cooperative buildings three stories or more.
OwnershipCapEx (Capital Expenditure)
Capital expenditure is money spent on the building itself rather than on running it: a roof, a new electrical panel, windows, a repiping, a parking lot.
Ownership40-Year Recertification
The 40-year recertification is what everyone still calls Miami-Dade's building recertification program, and the name is now wrong.
Terms arrive with the writing.
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