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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 property and financial interests. Without it, landlords risk significant losses, including property damage and difficulties in collecting unpaid rent. A well-crafted lease agreement helps prevent disputes and serves as a defense if issues arise. Key elements to include in a lease are the property details, names, and contact information of both parties, among other essential terms. Understanding these basics enables landlords to effectively manage their rental properties and operate confidently.