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 Iowa, condominiums are governed by the Iowa Condominium Act, which is found in Chapter 499B of the Iowa Code. This act outlines the creation, alteration, management, and termination of condominiums. Each condominium unit owner has an exclusive ownership interest in their unit and a shared interest in the common areas, such as lobbies, roofs, and other amenities. The condominium association, typically managed by a board of directors elected by the unit owners, is responsible for the upkeep and maintenance of these common areas. Unit owners are required to pay monthly or periodic association dues or assessments, which are used to cover the costs of maintaining, repairing, and insuring the common areas, as well as any other expenses agreed upon by the association. The governing documents of the condominium, including the declaration and bylaws, set forth the rights and obligations of the unit owners and the association, and these documents must comply with state law.