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A lease agreement is a crucial document for landlords, serving as a legally binding contract that outlines the obligations and rights of both landlords and tenants. Without it, landlords risk losing money due to property damage or difficulties in collecting unpaid rent. Creating a lease agreement is straightforward, and understanding its basics can significantly benefit landlords. Essential components of a lease should include details like the property address, the names and contact information of all parties involved, and specific rental terms. Having this agreement in place helps prevent disputes and provides a framework for addressing issues that may arise. It acts as the landlord's first line of defense in protecting their property.
