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A lease agreement is a legally binding contract outlining the rights and obligations of both landlords and tenants. Without one, landlords risk financial losses, including property damage and difficulties in collecting unpaid rent. Creating a lease is straightforward, and understanding its basics can enhance your landlord skills. Key components of a residential lease should include details about the property, the names and contact information of the parties involved, and essential terms of the rental agreement. A lease serves as a vital tool to prevent disputes and manage issues effectively, acting as the first line of defense for landlords.
