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A condo lease agreement is a legal document between a condominium owner and a tenant that outlines the rental of a residential unit within a condominium association. Tenants must adhere to the association's rules and have access to common areas and community privileges, unless specified otherwise. Both the condominium owner and the tenant have typical landlord-tenant rights, similar to other residential properties. Once signed, the agreement is legally binding for both parties. A condominium consists of individual units that share rights to common areas, and each owner pays association fees for property maintenance and staff salaries.