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 Minnesota, condominiums are regulated under the Minnesota Common Interest Ownership Act (MCIOA), which is found in Minnesota Statutes Chapter 515B. This law provides the framework for the creation, management, and dissolution of condominiums. Each condominium unit owner has an individual ownership interest in their unit and a shared interest in the common areas such as roofs, hallways, and landscaping. The governance of a condominium is typically handled by a homeowners' association (HOA), which operates through a board of directors elected by the unit owners. The HOA is responsible for the enforcement of the community's declaration, bylaws, and rules. Unit owners are required to pay monthly dues to the HOA for the upkeep, maintenance, and insurance of the common areas. These dues also contribute to the reserve fund for future repairs and improvements. The MCIOA sets out specific requirements for the establishment of an HOA, its powers, and the rights and obligations of unit owners within the condominium association.