Reserves & Inspections: What Lost Key Towers Must Document

Are you trying to make sense of what Lost Key’s condo towers need to keep on file for inspections and reserves? You are not alone. Buyers, sellers, and association boards all benefit when the right documents are organized and accessible. In this guide, you will learn the exact reports, budgets, and records your tower must maintain, how long to keep them, and a simple checklist to stay compliant in Lost Key. Let’s dive in.

What “reserves and inspections” mean in Florida

Florida requires two different safety and funding tools for 3-plus story condo buildings:

• Milestone inspections: A licensed Florida architect or engineer performs a structural inspection when a building turns 30 years old, then every 10 years after. Local officials can require the first inspection at 25 years for buildings near the coast. Reports are sealed and shared with the local building official and the association. See the statute overview for milestone inspections in Chapter 553.899 of the Florida Building Code. Read the statute summary.
• Structural Integrity Reserve Study (SIRS): Associations must complete a SIRS at least every 10 years for buildings that are 3 stories or higher. A licensed engineer or architect visually inspects major structural systems and sets reserve funding targets. These SIRS reserve items are generally not waivable. See DBPR’s SIRS and inspection guidance and a plain-English overview of SIRS scope and funding rules. Review SIRS basics.

Lost Key towers: where timelines stand

Many Lost Key towers in the Warrington/Perdido Key area were constructed around 2005 to 2007. That means their first milestone inspection will likely come due in the 2030s, because the 30-year clock starts from the original certificate of occupancy date. Your exact trigger date depends on the building’s CO, so confirm it through association records or the local building official. The statute outlines the CO-based schedule.

SIRS timelines can be different. Several associations created before July 1, 2022 face near-term SIRS deadlines, even if the tower is not yet 30 years old. DBPR has issued timing updates and FAQs, so verify your association’s deadline and notice requirements. Check DBPR’s current FAQs.

What your association must document

Milestone and SIRS reports

• Keep sealed phase-one and, if needed, phase-two milestone inspection reports. Share results with owners and submit to the local building official.
• Maintain the full SIRS report, including inspected items, remaining useful life, cost estimates, and recommended reserve funding.
• Retain all structural and life-safety inspection reports for 15 years after receipt. See record retention rules.

Budgets and reserve accounting

• Adopt annual budgets that align with SIRS funding recommendations for structural items.
• Keep financial statements, reserve ledgers, audits or reviews, receipts, and expenditures. Many official records must be kept at least 7 years. Review official records guidance.

Structural repair contracts and permits

• Save bids, executed contracts, change orders, warranties, lien waivers, and invoices for SIRS or milestone-driven work.
• Keep building permits and certificates of completion for major repairs.
• Document code compliance and permit closures. Retention details are outlined here.

Insurance and life-safety records

• Maintain current property, liability, flood, and wind policy declarations, plus claims history and loss runs.
• Keep fire alarm, sprinkler, elevator, pool, and other life-safety inspection records and maintenance agreements. These support SIRS planning and buyer due diligence. DBPR explains how inspections tie to SIRS.

COs, plans, and surveys

• Keep the original certificate of occupancy, as-built drawings, structural plans, surveys, and subsequent inspection history.
• The CO date sets milestone inspection triggers. If missing, obtain it from the Escambia County or City of Pensacola building official. See statute context.

Notices, minutes, and filings

• Retain owner notices about milestones, SIRS results, meeting minutes, and board votes that affect reserve funding or loans.
• Keep owner ballots and required DBPR filings. Minutes are commonly retained long term. Learn more about required records.

Renter access to reports

• Be prepared to provide renters with access to milestone and SIRS reports, as Florida law grants renters the right to view those specific inspection documents.
• Keep these inspection reports for 15 years. See access and retention rules.

Emergency and repair plans

• Maintain a written emergency response plan, prioritized repair schedule, and a cash-flow or financing plan if SIRS shows gaps.
• Document any lines of credit or loans the association uses to meet funding requirements. Review financing context for SIRS-driven work.

Retention, access, and posting rules

• Keep SIRS, milestone, and other structural or life-safety inspection reports for 15 years. Owners and renters can inspect or copy these reports. See the statute language.
• Many other official records must be retained at least 7 years, with some kept permanently. Associations meeting the unit threshold must post specified documents on an association-controlled website or app by the statutory deadline. Review official record and posting requirements.

Quick board checklist for Lost Key towers

• Confirm your building’s certificate of occupancy date. That sets the milestone inspection timeline. See statute context.
• Inventory your records: prior reserve studies, structural reports, maintenance logs, life-safety certificates, and insurance policies. DBPR’s page outlines what ties to SIRS.
• Schedule what is due: plan your SIRS if required and respond to any milestone notice within statutory timeframes. Check DBPR for current timing and FAQs.
• Prepare a finance plan: adjust reserve contributions based on SIRS, and document any board votes, loans, or special assessments. Financing options overview.
• Maintain access and retention: post or provide required documents and follow the 15-year and 7-year retention rules. Recordkeeping guidance.

Buyer and seller due diligence list

Before you list or make an offer on a Lost Key tower unit, request:

• The certificate of occupancy or building age to understand milestone timing. Statute overview.
• The most recent SIRS and any prior structural reports. DBPR guidance.
• Any completed milestone inspection reports and repair timelines. Statute summary.
• Current budget, reserve balances, audited financials, special assessments, and 12 months of meeting minutes. Official records reference.
• Insurance declarations and claims history. DBPR context.
• Litigation status and outstanding contractor claims or liens. Records guidance.
• If SIRS shows significant deferred maintenance: the association’s plan to fund repairs, including any loan documents. Financing overview.

Where and how reports get filed locally

Your local enforcement agency is the Escambia County or City of Pensacola building official, depending on parcel location. The sealed milestone report goes to that office, and submittals may use Florida Building Code forms such as EB18-2024 or a local portal. Always confirm the correct contact and portal before submitting. For an example of how counties handle milestone submissions and EB18 forms, review this county milestone page. See an example of county guidance.

Final thoughts

Strong documentation protects your tower, supports safer buildings, and gives buyers and lenders confidence. If you are planning a sale or purchase in Lost Key, the right reports and budgets can make or break a deal’s timeline and financing. If you want help gathering and interpreting these documents before you list or write an offer, reach out to CoateConnection for local guidance tailored to Lost Key and the Perdido Key corridor.

FAQs

What is a Florida milestone inspection and when is it due for Lost Key towers?

• It is a two-phase structural inspection by a licensed architect or engineer due at 30 years from the building’s certificate of occupancy, then every 10 years; local officials may require it at 25 years for coastal buildings. Verify your tower’s CO date to estimate the timeline. See the statute summary.

What is a SIRS and how does it affect reserves in Lost Key condos?

• A Structural Integrity Reserve Study evaluates key structural systems and sets reserve funding targets that are generally not waivable. It must be updated at least every 10 years for 3-plus story buildings. Review DBPR guidance and an overview of SIRS scope. Learn more.

How long must associations keep inspection reports, and who can access them?

• Keep milestone, SIRS, and other structural or life-safety inspection reports for 15 years after receipt. Owners and renters have the right to see milestone and SIRS reports. See retention and access rules.

What documents should a buyer request before making an offer in a Lost Key tower?

• Ask for the CO date, latest SIRS, any milestone reports, current budget and reserves, insurance declarations, recent minutes, litigation status, and the funding plan for any deferred maintenance. Use DBPR and records guidance as a checklist.

Who receives the milestone inspection report, and what form is used?

• The sealed report is submitted to the local building official with jurisdiction, which is typically Escambia County or the City of Pensacola. Many jurisdictions use an EB18-style form or an online portal. See an example of county process.

What if reserves fall short after a SIRS in a Lost Key tower?

• Associations can increase budgeted reserve contributions and may use loans or lines of credit where permitted, with proper board documentation. Review financing context for SIRS-driven work.