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A condominium lease agreement is a contract between a condo owner and a tenant, outlining the terms for renting a residential unit within a condominium association. Tenants must adhere to the association's rules and can access common areas and community privileges unless specified otherwise in the agreement. Both the owner and tenant hold traditional landlord and tenant rights. The lease becomes legally binding once signed. A condo is a property unit that shares common facilities with other similar units, commonly found in residential high-rises. Owners pay an association fee for property maintenance and related expenses.