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A lease agreement is a legally binding contract that outlines the responsibilities and rights of both landlords and tenants, protecting against financial losses and disputes. Without it, landlords may face property damage costs and difficulties in collecting unpaid rent. Creating a lease is straightforward and essential for effective property management. Key components of a lease include the details of the property, names and contact information of the parties involved, and essential terms that govern the rental relationship. A well-drafted lease serves as a primary defense for landlords in managing their properties and addressing issues that may arise.
