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A condo lease agreement is a contract between the owner of a condominium unit and a tenant. The tenant must adhere to the rules of the condominium association and has rights to use the common areas and other community privileges unless specified otherwise in the lease. Both the condominium owner and tenant retain standard landlord-tenant rights. The signed agreement becomes legally binding for both parties. A condominium is a residential unit within a complex, sharing common amenities with other units. Owners pay association fees for property maintenance and operational costs.