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A condominium lease agreement is a legal document between the owner of a residential unit in a condominium association and a tenant. By signing, tenants agree to adhere to the association's rules and gain access to common areas and community privileges, unless specified otherwise. Both the condominium owner and tenant have the same rights as in any residential lease. A condo is a type of property consisting of individual units sharing common areas, commonly found in residential high-rises. Owners pay an association fee, which covers property maintenance and staff salaries. The agreement becomes legally binding upon signing by both parties.