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A condo or condominium lease agreement is a document signed between the owner of a residential unit in a condominium association and a tenant. Tenants must adhere to the association's rules and have rights to common areas and community privileges unless the agreement specifies otherwise. Both the condominium owner and tenant have equivalent landlord and tenant rights as in any residential unit. Once signed, the agreement becomes legally binding for both parties. A condominium consists of individual units sharing ownership of common areas. Condo owners pay association fees that cover property maintenance and related expenses.
