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A condo lease agreement is a legal document between a condominium owner and a tenant, outlining the rights and responsibilities of both parties. Tenants must adhere to the condominium association's rules and regulations and can access common areas and community privileges unless specified otherwise in the lease. The agreement grants the same landlord-tenant rights as other residential leases. A condominium consists of individual units sharing rights to common areas, commonly seen in high-rises. Each unit owner pays an association fee for property maintenance and management services. Once signed, the lease becomes legally binding for both the owner and the tenant.