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A lease agreement is a legally binding contract essential for landlords, outlining the rights and obligations of both tenants and landlords. Without a lease, landlords risk significant financial loss, including liability for property damage and difficulties in collecting unpaid rent. A well-crafted lease helps prevent disputes and provides a framework for resolving issues that may arise. Key elements of a residential lease agreement include details about the property, tenant and landlord names, and contact information. Understanding these basics will equip landlords to effectively manage their properties and avoid common pitfalls.