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A condo lease agreement is a legal document between a condominium owner and a tenant, outlining the terms of renting a residential unit. Tenants must adhere to the condominium association's rules and have rights to common areas unless specified otherwise. Both parties enjoy the same landlord-tenant rights as with other residential properties, and the signed agreement becomes legally binding. A condo, or condominium, consists of individual units that share access to common facilities. Typically, owners pay an association fee for property maintenance and management, which includes covering salaries and upkeep of shared amenities.