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A condo lease agreement is a legal document between the owner of a condominium unit and a tenant. Tenants must adhere to the condominium association's rules and have rights to the shared facilities and community privileges unless specified otherwise in the lease. Both the condominium owner and tenant have the same landlord and tenant rights as in other residential leases. The agreement becomes legally binding upon signing. A condominium (condo) is a property unit within a complex, sharing common areas with other units. Owners pay an association fee for property maintenance and management.