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A condo or condominium lease agreement is a document signed between the owner of a residential unit in a condominium association and a tenant. The individuals leasing the space must adhere to the association's rules and regulations, with rights to use common areas and community privileges unless specified otherwise. Both the condo owner and lessee have landlord and tenant rights, and the agreement becomes legally binding upon signing. Condos are properties with shared common areas, where each owner pays association fees for maintenance and staff salaries.