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A condo lease agreement is a legal document signed between a condominium owner and a tenant, outlining the terms of renting a residential unit within a condominium association. Tenants must adhere to the association's rules and have rights to common areas unless specified otherwise in the agreement. Both the condo owner and tenant possess standard landlord and tenant rights, and the document becomes legally binding upon signing. A condominium is a property unit within a larger complex that shares common facilities, typically found in residential high-rises. Each owner pays an association fee for property maintenance and related expenses.