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A condo lease agreement is a contractual document between the owner of a condominium unit and a tenant. It obligates the tenant to adhere to the condominium association's rules and grants them rights to use common areas and community privileges, unless specified otherwise in the agreement. Both the condominium owner and tenant enjoy the same landlord and tenant rights as they would in any residential lease. Once signed, the agreement is legally binding for both parties. Condominiums consist of individual units sharing rights to common areas, often found in residential high-rises. Owners contribute to an association fee for property maintenance and related expenses.
