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A condo lease agreement is a contract between the owner of a residential unit in a condominium association and a tenant. Tenants must adhere to the association's rules and regulations and have rights to use common areas and privileges unless specified otherwise in the agreement. Both the condominium owner and the tenant share the same landlord and tenant rights as with any residential property. Once signed, the agreement is legally binding for both parties. A condominium consists of individual units that share common areas; residential high-rises are often condos, and owners pay association fees for maintenance and other communal expenses.
