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A lease agreement is a crucial legal contract for landlords that outlines the rights and responsibilities of both landlords and tenants. Without one, landlords risk losing money, facing liability for property damage, and struggling to collect unpaid rent. Creating a lease agreement is straightforward, and understanding its basics is essential for effective property management. A residential lease agreement serves as a protective measure against disputes and issues. Key elements that should be included in a lease are the property details and contact information of the parties involved. Having a well-drafted lease agreement ensures clarity and protection for both parties.