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A condo lease agreement is a legal document between the owner of a condominium unit and a tenant renting the space. Tenants must adhere to the condominium association's rules and have rights to common areas and community privileges, unless specified otherwise in the lease. Both the condominium owner and tenant hold the same rights as in any residential lease. Once signed, the agreement is legally binding for both parties. A condominium consists of individual units sharing rights to common areas, commonly found in residential high-rises. Owners pay an association fee for property maintenance and related expenses.
