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A lease agreement is a vital document for landlords, protecting them from potential financial loss and legal issues. Without it, landlords may face challenges such as property damage liability and difficulties in collecting unpaid rent. A residential lease agreement is a legally binding contract that outlines the rights and obligations of both tenants and landlords, helping to prevent disputes and streamline resolution of issues. Key elements that should be included in a lease agreement comprise details about the property, the names of the parties involved, and contact information. Overall, understanding and creating a lease agreement is essential for successful property management.