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A lease agreement is a legally binding contract crucial for landlords, as it outlines the rights and obligations of both the landlord and tenant. Without one, landlords risk financial loss, property damage, and difficulties in rent collection. Creating a lease agreement is straightforward, and understanding its basics is key for effective property management. The agreement serves as a protective measure against disputes and issues that may arise. Essential components of a lease include details about the property, the names and contact information of the parties involved, and other critical terms.
