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A condo lease agreement is a formal document between the owner of a residential unit in a condominium association and a tenant. Tenants must adhere to the association's rules while enjoying rights to common areas and community privileges, unless specified otherwise. Both the owner and tenant have similar landlord and tenant rights as with other residential units. Once signed, the document is legally binding for both parties. A condominium itself is a unit within a larger property that shares common areas with other units. Owners pay an association fee for maintenance and operational costs.