Most board members don't come into their role having read Chapter 718 of the Florida Statutes. Why would you? You volunteered to help your community, not become a compliance attorney. But once you're on the board, that law applies to you — and the state enforces it.
Here's what you actually need to know, without the legal jargon.
What Is Florida Statute 718?
Chapter 718 is called the Condominium Act. It's the state law that governs every condo association in Florida — from a four-unit building in Naples to a 400-unit high-rise in Miami. It covers board elections, budget requirements, meeting procedures, record-keeping, violation processes, and resident rights. If your community is a condo association, this is the rulebook.
If you're running an HOA (not a condo), Statute 720 is yours instead. The requirements are similar, but they're separate laws — don't mix them up.
What Records Does Your Board Have to Keep?
This is where a lot of boards quietly fall short, and it's one of the first things that comes up in a dispute. Under 718.111(12), you're required to maintain and make available to owners:
- Governing documents — Declaration, bylaws, rules, and every amendment
- Meeting minutes — Board, committee, and annual meetings, going back at least 7 years
- Financial records — Current budget, prior year financials, bank statements, and every invoice, also for 7 years
- Insurance policies — All current policies in full
- Contracts — Every agreement the association has entered into
- Ballots, sign-in sheets, and voting records — At least 1 year after any election
- Accounting records — Every receipt and expenditure, tracked separately
When an owner asks to see records, you generally have 10 business days to make them available. If they submitted that request at least 60 days before a scheduled board meeting, that window tightens to 5 business days. Miss those deadlines and you're looking at a $50-per-day penalty — paid directly to the requesting owner.
It sounds manageable until you're scrambling to find a contract from three years ago that nobody organized properly.
What Are the Meeting Requirements?
Board meetings need at least 48 hours' notice, posted somewhere visible on the property. Annual meetings require a full 14 days. If you have owners who've opted in for electronic notice, you need to send it to them that way too.
A few things boards commonly get wrong:
- You must hold at least one annual meeting per year — no exceptions
- The budget meeting needs to happen at least 14 days before the annual meeting
- Every board meeting needs a written agenda distributed with the notice
- Emergency meetings can skip the 48-hour rule, but only for actual emergencies — not scheduling convenience
What Are the Budget and Reserve Requirements Under Florida Statute 718?
Every year your board has to adopt a budget that includes a reserve schedule — that's the fund you're building up for future repairs to major components like the roof, elevator, paving, and pool equipment. Owners used to be able to vote to waive reserves, and many did. That's gotten a lot more complicated since Surfside.
Post-Surfside legislation significantly restricted reserve waivers for condos that are three or more stories tall and 30+ years old. If your building falls into that category, talk to a Florida condo attorney before assuming you can waive. The rules have changed and the penalties for getting it wrong have teeth.
The adopted budget has to go out to every unit owner. Financial statements must be prepared each year by a licensed CPA — whether compiled, reviewed, or fully audited depends on your association's annual revenues.
What Can Residents Actually Access?
Owners have stronger records-access rights than most boards realize. They can request and receive:
- All official records (within 10 business days)
- Voting records from any election (within 1 year)
- Financial records, contracts, and insurance policies
- Board meeting agendas and approved minutes
One thing worth knowing: minutes have to be available within 7 days of the meeting even if the board hasn't formally approved them yet. A lot of boards don't know that.
How Do Violations and Fines Work Under Florida Statute 718?
You can't just fine someone. Before any money changes hands, the process has to go like this:
- Written notice to the owner explaining the violation
- A reasonable window for the owner to fix it
- A hearing before a fining committee — not the board itself, a separate committee
- The owner gets to attend and say their piece
Skip any of those steps and the fine likely won't hold up. The cap is $100 per violation per day and $1,000 total for the same violation, unless your governing documents specifically authorize more.
How Can Association Software Help You Stay Compliant With Florida 718?
The honest truth is that most compliance failures aren't because boards don't care — they're because the information is scattered across emails, shared drives, and whoever's personal folder. Meeting notices go out without delivery records. Violation notices don't get tracked. Documents go missing before an AGM.
RealtyDash is built specifically for Florida 718 and 720 associations. Your documents live in one organized, searchable place — with resident access built in. Violation notices get tracked from first notice through resolution. Meeting alerts go out with automatic delivery records. It's not about replacing what your board does; it's about making sure nothing falls through the cracks.
Start your free trial — no credit card required.
Frequently Asked Questions
Does Florida Statute 718 apply to HOAs, or only condos?
Chapter 718 is specifically for condominium associations. If you're running a homeowners association, Florida Statute 720 is your governing law. The requirements overlap in a lot of areas, but they're distinct statutes — make sure you know which one applies to your community.
What actually happens if our association violates Chapter 718?
The Florida Department of Business and Professional Regulation (DBPR) handles enforcement. Depending on the violation, you could face fines, mandatory compliance orders, or in serious cases, receivership — where the state steps in and appoints an outside party to manage the association. It's rare, but it happens, and it's as painful as it sounds.
How often do we have to hold board meetings?
The statute doesn't set a minimum number of board meetings per year beyond the required annual meeting. Most active boards meet monthly or quarterly — but at minimum, you need that one annual meeting on the books or you risk losing your authority to act on behalf of the association.
Can our residents vote to get rid of the reserve requirement?
In some cases, yes — but the Surfside-related legislation made this significantly harder for older high-rise condos. If your building is three or more stories and over 30 years old, don't assume you can waive. Have a Florida condo attorney look at your situation before you take a vote on it.
Do meeting minutes have to be officially approved before we share them with residents?
No. Under 718.111(12), minutes have to be available within 7 days of the meeting — approved or not. The board's formal approval process doesn't extend the timeline for owner access.