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A condo lease agreement is a legal document between the owner of a residential unit in a condominium association and a tenant. Tenants must adhere to the association's rules and have rights to common areas and community privileges, unless specified otherwise in the agreement. Both owners and tenants have the same landlord-tenant rights as in other residential leases. A condominium consists of individual units that share common areas, typically found in residential high-rises. Owners pay association fees for property maintenance and management expenses. Once signed, the lease becomes legally binding for both parties.