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A lease agreement is a legally binding contract between a landlord and tenant that outlines their rights and obligations. Without one, landlords face risks such as property damage and difficulties in collecting unpaid rent, potentially costing them thousands. Creating a lease is straightforward and essential for protecting landlords' interests. The agreement helps prevent disputes and provides a framework for resolving issues. Key components of a lease include details about the property, names, and contact information of the parties involved. Understanding these basics will equip landlords to manage their properties effectively.