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A condominium lease agreement is a signed document between a residential unit owner and a tenant. Upon leasing, 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 the tenant retain standard landlord and tenant rights. The agreement becomes legally binding once signed. A condo refers to a property unit within a condominium that shares rights to common areas with other units. Owners typically pay an association fee that funds property maintenance and associated salaries.