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A condo lease agreement is a formal document between the owner of a condominium unit and a tenant. The tenant agrees to adhere to the condominium association's rules, gaining rights to common areas and community privileges unless specified otherwise in the lease. Both the owner and tenant possess the same landlord and tenant rights as with any residential property. Once signed, the lease is legally binding for both parties. A condominium consists of individual units that share rights to common facilities, typically found in residential high-rises, with owners contributing association fees for property maintenance and salaries.