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A condo lease agreement is a legally binding document between a condominium owner and a tenant. It outlines the tenant’s obligation to follow the condominium association's rules and regulations. Tenants have the right to use the common areas and enjoy other community privileges, unless specified otherwise in the agreement. Similar to standard residential leases, both the landlord (owner) and tenant hold the same rights. A condominium consists of individual units that share common property, often seen in urban high-rises. Owners pay association fees to cover property maintenance and related expenses.