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A condo lease agreement is a legal document signed between the owner of a condominium unit and a tenant who wishes to rent the space. Renters must adhere to the condominium association's rules and regulations while enjoying access to common areas and community privileges, unless specified otherwise in the lease. The rights of landlords and tenants in a condominium are equivalent to those in other residential leases. A condominium consists of individual units that share rights to common facilities, typically found in residential high-rises. Owners pay association fees for property maintenance and operational costs. Once signed, the lease becomes binding for both parties.
