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A lease agreement is a legally binding contract that outlines the rights and obligations of both landlords and tenants, crucial for protecting against potential financial losses, disputes, or difficulties in rent collection. Without one, landlords risk significant financial repercussions. A well-structured lease agreement is essential for safeguarding property and managing tenant relations. Key elements to include in a lease should be the property details, names and contact information of both parties, and other critical terms. Understanding these basics equips landlords to effectively manage their rental properties.