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A condo lease agreement is a legal document between a condominium owner and a tenant, outlining the rental terms for a residential unit. Tenants must adhere to the condominium association's rules and can access common areas and community privileges unless specified otherwise in the lease. Both the condominium owner and tenant possess standard landlord-tenant rights similar to other residential leases. The agreement becomes legally binding upon signing. Condominiums are property units that share rights to common areas, typically found in residential high-rises, with owners contributing to an association fee that funds maintenance and staff salaries.