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A condo lease agreement is a legal document between the owner of a residential unit in a condominium association and a tenant. Tenants must adhere to the association's rules and regulations and are entitled to access common areas and community privileges unless otherwise specified. Both the condominium owner and tenant share standard landlord-tenant rights akin to other residential units. Once signed, the lease is binding for both parties. A condominium consists of individual units that collectively share rights to common areas, often found in urban high-rises, with owners paying an association fee for property maintenance and associated services.
