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A lease agreement is a legally binding contract outlining the rights and obligations of both tenants and landlords, essential for protecting your property and avoiding disputes. Without one, landlords risk losing significant money due to potential issues like property damage or unpaid rent. Creating a lease agreement is straightforward and can help you effectively manage tenant relationships. Key elements that should be included in a lease agreement are the property details and the names and contact information of the parties involved. Understanding these basics will enhance your confidence and competence as a landlord.