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A condo or condominium lease agreement is a legally binding document between the owner of a residential unit in a condominium association and a tenant. The lease obligates tenants to follow the association's rules and grants them rights to common areas and community privileges unless stated otherwise. Both the condominium owner and tenant have the same landlord and tenant rights as with any other residential rental. Condominiums consist of individual units sharing common property rights, typically found in high-rises, with each owner paying association fees for property maintenance and management.
