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A condo lease agreement is a document signed between the owner of a residential unit in a condominium association and a tenant. The individuals who lease the space must follow the rules of the association and have rights to common areas. Both owner and lessee have landlord and tenant rights, making the agreement legally binding. A condo is a property unit that shares common areas with other units, usually seen in residential high-rises in cities. Owners pay association fees for property maintenance and salaries.