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A condo lease agreement is a contract between a condominium owner and a tenant for renting a residential unit within a condominium association. Tenants must adhere to the association's rules and regulations and are granted rights to use common areas and community privileges unless specified otherwise in the lease. Both the condominium owner and tenant have the same rights as in other residential leases. Once signed, the agreement is legally binding. A condominium refers to individual units in a property that shares common areas, often found in residential high-rises. Owners pay association fees for property maintenance and management.
