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A condo lease agreement is a contract between the owner of a residential unit in a condominium association and a tenant who rents the space. Tenants must adhere to the association's rules and regulations while enjoying rights to common areas and community privileges unless stated otherwise in the lease. Both the condominium owner and tenant hold standard landlord and tenant rights, similar to other residential leases. The agreement becomes legally binding once signed. A condominium consists of individual units, often in high-rises, where owners share rights to common facilities. Each owner pays an association fee for property maintenance and staff salaries.