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 North Carolina, condominiums are governed by the North Carolina Condominium Act (N.C. Gen. Stat. § 47C), which outlines the creation, alteration, management, and termination of condominiums. Each condominium owner possesses an individual ownership interest in their unit and a shared interest in the common areas such as roofs, hallways, and landscaping. The common areas are maintained through a homeowners' association (HOA), which operates under a declaration and bylaws. The HOA is managed by a board of directors elected by the unit owners. Condominium owners are typically required to pay monthly dues to the HOA for the upkeep of common areas, insurance, and other shared expenses. These dues are essential for the maintenance of the property and to cover any common expenses as outlined in the HOA's governing documents.