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A condominium lease agreement is a legally binding document between a condominium owner and a tenant, outlining terms for renting a residential unit. Tenants must adhere to the condominium association's rules and have rights to common areas and community privileges, unless specified otherwise. Condominium owners and tenants enjoy the same landlord and tenant rights as in other residential arrangements. A condo is a distinct property unit within a larger complex, typically seen in urban high-rises, where owners pay association fees for property maintenance and shared services.