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A lease agreement is a legally binding contract that outlines the rights and obligations of both tenants and landlords. Without a lease, landlords risk losing money, being held liable for property damage, and facing difficulties in rent collection. Creating a lease is straightforward and essential for protecting your property and avoiding disputes. Key components of a lease agreement include details about the rental property, names and contact information of the parties involved, and other basic terms. A solid lease serves as a crucial first line of defense for landlords, enabling them to address issues effectively when they arise.
