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A condominium lease agreement is a contract between the owner of a residential unit in a condominium association and a tenant. The tenant must adhere to the association's rules and has rights to common areas and community privileges unless stated otherwise in the agreement. Both the condominium owner and lessee enjoy landlord and tenant rights similar to other residential properties. Signing the lease makes it legally binding for both parties. A condominium, often seen in urban high-rises, consists of individual units that share rights to common spaces. Each owner pays an association fee for property maintenance and related expenses.