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A lease agreement is a crucial contract for landlords to protect their property and ensure smooth tenancy. Without one, landlords risk financial loss, property damage, and rent collection issues. Creating a lease agreement is easy and understanding its basics makes one a pro landlord. A residential lease agreement defines the obligations and rights of both parties, helping to avoid disputes and resolve issues effectively. Key elements to include in a lease agreement are property details, tenant and landlord information, and terms of the agreement.