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A lease agreement is a legally binding contract that defines the rights and obligations of both landlords and tenants. Without one, landlords risk losing thousands of dollars due to issues such as property damage and challenges in collecting unpaid rent. A well-structured lease helps prevent disputes and facilitates problem resolution. Key elements to include in a lease agreement are the rented property’s details, names, and contact information of the parties involved, among other essential terms. Understanding these basics will empower landlords and help them manage their properties effectively.