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A condominium lease agreement is a contract between a condominium unit owner and a tenant, outlining the rental of the unit. Tenants must adhere to the condominium association's rules and regulations while enjoying rights to common areas and community privileges unless specified otherwise in the lease. Both the condominium owner and tenant share standard landlord and tenant rights. The agreement becomes legally binding upon signature. A condominium, or "condo," is a type of property comprising individual units that share ownership of common facilities. Owners pay association fees for property maintenance and management.