A condominium is a single unit of real estate—usually a home or residence—in a multi-unit residential development in which each owner of a unit has both a separate ownership interest (often everything inside the front door)—and a common ownership interest (with other unit owners) in the common areas of the property outside the front door—such as roofs, hallways, driveways, walkways, stairways, stucco, brick, paint, stone, and landscaping.

A condominium development is usually governed by a homeowners’ association (HOA) through its board of directors, elected by the homeowners as provided by the HOA’s declaration and bylaws. Unit owners or homeowners in the association are required to pay monthly HOA dues for the maintenance and repair of the common areas of the property and its insurance.

In Arkansas, condominiums are regulated under the Arkansas Condominium Act, which provides the legal framework for the creation, ownership, and governance of condominium developments. Each condominium unit owner has an individual ownership interest in their unit and a shared interest in the common areas of the property, such as roofs, hallways, and landscaping. The common areas are maintained through the homeowners' association (HOA), which is managed by a board of directors elected by the unit owners. The HOA is established by the declaration and bylaws, which set forth the rules for the operation of the association and the rights and obligations of the unit owners. These bylaws also outline the process for electing the board of directors and the collection of monthly dues from unit owners to fund the maintenance, repair, and insurance of the common areas. It is important for unit owners to understand their rights and responsibilities under the governing documents of the HOA and to comply with state statutes that apply to condominiums.