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A lease agreement is a crucial document for landlords as it outlines the obligations and rights of both tenants and landlords. Without a lease agreement, landlords risk losing money, property damage liability, and difficulty collecting rent. Creating a lease agreement is easy and essential for avoiding disputes and protecting property. Key elements to include in a lease agreement are property details, tenant and landlord information, terms of rent, and rules and regulations. Understanding the basics of a lease agreement makes one a successful landlord.