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A lease agreement is a legally binding contract outlining the rights and obligations of both landlords and tenants. Without one, landlords risk losing money and facing challenges in collecting unpaid rent or addressing property damage. A clear lease agreement can help prevent disputes and serve as a protective measure for property owners. Key elements of a lease include details about the property, names and contact information of tenants and landlords, rental terms, and other essential conditions. Understanding and creating a lease agreement is straightforward and essential for effective property management.