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A condominium lease agreement is a legal document between the owner of a residential unit in a condominium and a tenant. The tenant agrees to follow the condominium association's rules and has rights to use common areas and community privileges, unless specified otherwise in the lease. The rights of the landlord and tenant are equivalent to those applicable to other residential units. Once signed, the agreement is binding for both parties. A condo is essentially a unit within a larger property that shares rights to common areas. Owners pay association fees for maintenance and operational costs of the condominium.