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A lease agreement is a legally binding contract outlining the rights and obligations of both the tenant and landlord. It is crucial for landlords to have a lease to avoid financial losses, property damage liabilities, and difficulties in collecting unpaid rent. A well-drafted lease agreement helps prevent disputes and serves as a defense in case of issues. Key elements to include in a lease agreement are the rental property's details, names, and contact information of the parties involved. Understanding these basics will equip landlords to manage their properties effectively.