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A lease agreement is a legally binding contract that outlines the obligations and rights of both landlords and tenants. Without a lease agreement, landlords risk financial loss, property damage, and difficulty collecting rent. Creating a lease agreement is easy and essential for avoiding disputes and resolving issues with tenants. Key elements to include in a lease agreement are the property details, tenant and landlord information, and terms of the rental agreement. Having a strong lease agreement is crucial for protecting the property and maintaining a good landlord-tenant relationship.