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A condo lease agreement is a contract between a condominium owner and a tenant who wishes to rent the unit. Tenants must adhere to the condominium association's rules and are entitled to use common areas and privileges unless stated otherwise in the lease. Both the condominium owner and the tenant have the same rights as in any other residential lease. The agreement becomes legally binding once signed by both parties. A condominium consists of individual units sharing rights to common areas and is typically found in residential high-rises. Owners pay association fees for property maintenance and community services.
