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A lease agreement is a legally binding contract that outlines the rights and obligations of both landlords and tenants. It is essential for landlords to have a lease agreement to prevent financial risks, such as property damage and difficulties in collecting unpaid rent. A well-drafted lease serves as a first line of defense in case disputes arise. Key elements to include in a lease agreement are the property details, names, and contact information of both parties. Understanding these basics will help landlords effectively manage their responsibilities and protect their investments.