common interest development

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Common interest developments (CIDs) are units of property governed by an association with each unit having an interest in some common area. CIDs can be for housing or business purposes, but some of the most common forms of CIDs are condominiums and cooperatives. People enter into CIDs for a variety of reasons such as access to community resources like pools or to create gated communities. Developers use CIDs to create malls and connected chains of stores. For both individuals and businesses, the governing associations take responsibility for governing the common areas and enforcing rules amongst the members. While this allows members to avoid management duties, associations can charge high fees from each member and restrict how members use their unit.

[Last updated in June of 2021 by the Wex Definitions Team]