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A condo lease agreement is a contract between the owner of a condominium unit and a tenant, establishing rental terms for the residential space. Tenants must adhere to the condominium association's rules and have access to common areas and community privileges, unless specified otherwise in the lease. Both the owner and tenant have standard landlord-tenant rights comparable to other residential agreements, and signing the document makes it legally binding for both parties. A condominium itself is a property unit within a larger complex that shares common areas. Condo owners pay association fees for property maintenance and management.