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A lease agreement is a crucial legal document that outlines the rights and obligations of both landlords and tenants. Without it, landlords risk losing money, facing property damage liabilities, and struggling to collect unpaid rent. Creating a lease is straightforward and vital for effective property management. Key elements of a residential lease agreement include details about the rental property, the names and contact information of the parties involved, and essential terms of the lease. This contract helps prevent disputes and offers a framework for addressing issues that may arise, serving as the first line of defense for landlords.