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 New Mexico, condominiums are regulated under the New Mexico Condominium Act (NMSA 1978, Sections 47-7A-1 to 47-7A-28). This act outlines the creation, alteration, and management of condominiums, including the rights and responsibilities of unit owners and the homeowners' association (HOA). Each condominium owner has an individual ownership interest in their unit and a shared interest in the common areas. The HOA, governed by a board of directors elected by the unit owners, is responsible for the upkeep of these common areas, and unit owners are typically required to pay monthly dues for maintenance, repair, and insurance of these spaces. The HOA's declaration and bylaws, which must comply with state law, set forth the rules for the management of the condominium development, including the collection of dues and the enforcement of community standards.