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A condo lease agreement is a signed document between a condominium owner and a tenant, outlining the rental terms for a residential unit. Tenants are required to adhere to the condominium association's rules and have rights to common areas and other community privileges unless specified otherwise. Both the condominium owner and tenant possess typical landlord and tenant rights as with any residential unit. Once signed, the agreement is legally binding for both parties. A condominium consists of individual units that share common areas, often seen in urban high-rises. Owners pay association fees for property maintenance and associated services.