As a shareholder, you must help pay for the common costs of the property and abide by rules that preserve the property's value. Condo documents spell out how your development is structured. Each unit owner is a member of the condominium association, with a voice in determining issues that affect the whole development. Votes usually are weighted to reflect your share of ownership. Associations regulate what owners can do on the property and require owners to pay for maintenance, repairs and improvements to the property.
Associations usually elect a board of directors who make most of the daily management decisions.
Substantial changes in policy require a vote of all owners. You are obligated to obey the rules of the association and can be fined by the association if you do not obey the rules. Owners are legally required to pay this fee, and if they don't, a lien can be placed against their properties. If the funds aren't there, owners will have to make up the shortfall. Fees and regulations will affect your monthly budget, the salability of the condo when you are ready to move and, most importantly, your enjoyment of your home.