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A lease agreement is a legally binding contract between a landlord and a tenant that outlines their obligations and rights. Without a lease agreement, landlords risk losing money, being liable for property damage, and having difficulty collecting unpaid rent. Creating a lease agreement is easy and important for resolving disputes and protecting the property. Key components of a lease agreement include the property to be rented, names and contact information of both parties, rental terms, security deposit amount, and rules and regulations. Understanding and implementing a lease agreement can make you a successful landlord.
