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A condo lease agreement is a legally binding document between a condominium owner and a tenant. This agreement requires tenants to adhere to the condominium association's rules and grants them access to common areas and community privileges, unless specified otherwise. Both the owner and tenant have the same landlord-tenant rights as in any residential lease. A condominium, or condo, consists of individual units sharing common areas, typically found in residential high-rises. Owners pay association fees to cover property maintenance and staff salaries.