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 Idaho, condominiums are regulated under the Idaho Condominium Property Act. This act outlines the creation, ownership, and management of condominiums. Each condominium owner possesses an individual ownership interest in their unit and a shared interest in the common areas, such as lobbies, gardens, and other amenities. The common areas are maintained through a homeowners' association (HOA), which is governed by a board of directors elected by the unit owners. The HOA is responsible for the upkeep of these areas and is funded by monthly dues paid by the condominium owners. These dues cover maintenance, repairs, and insurance for the common areas. The HOA's powers and responsibilities, along with the rights and obligations of the unit owners, are detailed in the association's declaration and bylaws, which must comply with state law. Condominium owners in Idaho are subject to these regulations and must adhere to the rules set forth by their HOA.