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A condo lease agreement is a document signed between the owner of a condominium unit and a tenant. The tenant agrees to follow the condominium association's rules and is granted access to common areas and other community privileges, unless specified otherwise in the lease. Both the condominium owner and tenant enjoy the same landlord and tenant rights as in other residential leases. The lease becomes legally binding upon signing. A condominium consists of individual units that share ownership of common areas, often found in urban high-rises. Owners pay association fees for property maintenance and operational costs.