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A condo lease agreement is a document signed between the owner of a residential unit in a condominium association and a tenant. The individuals leasing the space must uphold the association's rules and have access to common areas unless stated otherwise. Both parties have landlord and tenant rights, and the agreement becomes legally binding once signed. A condo is a property unit that shares common areas with other units, often found in residential high-rises. Owners pay association fees for property maintenance and staff salaries.