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A condo lease agreement is a legally binding document between the owner of a condominium unit and a tenant. It outlines the tenant's obligation to adhere to the condominium association's rules and regulations and grants them access to common areas and community privileges unless stated otherwise. Both the condominium owner and the tenant share the same landlord and tenant rights as with any other residential property. Condominiums consist of individual units that share common areas, often found in residential high-rises. Owners pay association fees to cover property maintenance and associated salaries.