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 Alaska, condominiums are regulated under the Alaska Condominium Act, which is found in Alaska Statutes Title 34, Chapter 08. This act outlines the creation, ownership, and governance of condominiums within the state. Each condominium unit owner has an exclusive ownership interest in their individual unit, as well as a shared interest in the common areas of the property, such as lobbies, gyms, and outdoor spaces. The common areas are maintained through the collective efforts of the homeowners' association (HOA), which is typically managed by a board of directors elected by the unit owners. The HOA is responsible for the upkeep of these areas and may collect monthly dues from unit owners to cover the costs of maintenance, repair, and insurance for the common elements. The governing documents of the HOA, including the declaration and bylaws, set forth the rules and regulations for the management of the condominium and the responsibilities of the unit owners. These documents are binding on all unit owners and must comply with the state's condominium laws.