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A lease agreement is a legally binding contract that outlines the rights and obligations of both tenants and landlords, essential for protecting property and minimizing disputes. Without a lease, landlords risk significant financial losses, face challenges in collecting unpaid rent, and may be liable for property damage. Creating a lease is straightforward, and understanding its basics is key for successful property management. Important elements of a lease should encompass the rental property details, names and contact information of the parties involved, and other critical terms to ensure clarity and legal protection for both parties.
