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A lease agreement is a crucial legally binding contract that outlines the rights and responsibilities of both landlords and tenants. Without a lease, landlords risk losing money, facing property damage liability, and difficulty in collecting unpaid rent. Creating a lease is straightforward and essential for effective property management. Key components of a lease agreement should encompass the property details, tenant and landlord names, contact information, and other fundamental terms. A lease serves as the first line of defense in resolving disputes and managing issues that arise, reinforcing the importance of having one in place.
