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A lease agreement is a legally binding contract outlining the rights and obligations of landlords and tenants. Without one, landlords risk financial losses, liability for property damage, and difficulties in collecting unpaid rent. Creating a lease agreement is straightforward and essential for effective property management. It serves as a vital tool to prevent disputes and resolve issues when they occur, acting as the landlord's first line of defense. Key components of a lease agreement should include details about the property, names of those involved, and essential contact information. Understanding these basics equips landlords to manage their properties successfully.