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A condominium lease agreement is a legally binding document between the owner of a residential unit in a condominium association and a tenant. The tenant must adhere to the association's rules and regulations and has the right to use common areas and community privileges, unless stated otherwise in the lease. Both the condominium owner and tenant will have the same landlord and tenant rights as in any residential lease. A condominium itself is a property unit among similar units, sharing common areas. Owners pay an association fee for property maintenance and related expenses.