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A lease agreement is a legally binding contract between a landlord and tenant that outlines their rights and obligations. Without it, landlords may face financial risks, including potential property damage and difficulty collecting unpaid rent. A well-crafted lease helps prevent disputes and addresses issues as they arise, serving as the landlord's first line of defense when protecting their property. Essential elements of a lease include the rental property's details, and the names and contact information of the landlord and tenant. Understanding these basics empowers landlords to effectively manage their properties.