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A condo lease agreement is a legal document between the owner of a condominium unit and a tenant. The tenant must comply with the condominium association's rules and regulations and retains rights to the community's common areas and privileges unless specified otherwise in the lease. Both the condo owner and tenant have the same landlord-tenant rights as with any residential property. The agreement becomes legally binding once signed. A condominium consists of individual units that share common areas, typically found in residential high-rises. Each owner contributes to an association fee for property maintenance and associated services.