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A condo lease agreement is a document between a condominium owner and a tenant, specifying the rights and obligations of both parties. Tenants must adhere to the condominium association's rules and can access common areas and community privileges, unless stated otherwise in the agreement. The agreement grants tenants and owners the same rights as in any residential lease. Upon signing, the lease becomes legally binding. Condominiums are individual units within a larger complex that share common areas. Residents pay association fees for maintenance costs and services related to the property.