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 Tennessee, condominiums are regulated under the Tennessee Condominium Act of 2008, which provides a legal framework for the creation, ownership, and governance of condominium developments. 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 is managed by a board of directors elected by the unit owners. The HOA's declaration and bylaws, which must comply with state law, outline the rules for the community, the responsibilities of the owners, and the powers of the HOA. Condo owners are typically required to pay monthly dues to the HOA for the upkeep of common areas, insurance, and other shared expenses. The Act also outlines the process for managing the property, resolving disputes, and handling the finances of the association.