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A condo lease agreement is a legal document between the owner of a condominium unit and a tenant. The tenant agrees to follow the rules of the condominium association and has rights to use common areas and community privileges, unless stated otherwise in the agreement. Both the condo owner and tenant hold the same rights as in any other residential lease. Once signed, the agreement is legally binding. A condominium consists of individual units sharing common areas, typical in residential high-rises. Each owner contributes to an association fee for property maintenance and management salaries.