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A condo lease agreement is a legally binding document between the owner of a condominium unit and a tenant. It outlines the tenant's obligation to abide by the condominium association's rules and regulations while granting them rights to use common areas and community privileges unless specified otherwise. The condominium owner and tenant share the same landlord and tenant rights as any other residential lease. A condominium is a type of property where individual units share ownership of common areas. Condo owners typically pay an association fee for property maintenance and related expenses.