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A condominium lease agreement is a legal document between a condo unit owner and a tenant. By signing the lease, the tenant agrees to adhere to the condominium association's rules and regulations while enjoying access to common areas and community privileges, unless otherwise specified. The rights of both the condominium owner and the tenant are equivalent to those in any residential rental situation. A condo refers to a property unit within a larger complex, sharing common areas with other units, often seen in residential high-rises. Owners pay association fees for property maintenance and related services. Once signed, the lease is binding for both parties.