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A condo lease agreement is a legal document between a condominium owner and a tenant, outlining the rental terms. Tenants must adhere to the condominium association's rules and regulations and have rights to common areas, unless specified otherwise in the lease. Both the owner and lessee enjoy similar landlord-tenant rights as in other residential agreements, making the contract binding upon signing. A condominium consists of individual units that share common areas, typical in residential high-rises. Each condo owner pays an association fee, which supports property maintenance and management costs.