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A lease agreement is a legally binding contract essential for landlords and tenants, outlining their rights and obligations. Without one, landlords risk significant financial losses, potential liability for property damage, and difficulties in collecting unpaid rent. Key elements of a lease agreement include details about the rental property, the names and contact information of the parties involved, and other basic terms. Having a lease in place helps prevent disputes and provides a framework for resolving issues effectively, serving as the landlord's first line of defense in protecting their property.