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A lease agreement is a crucial document for landlords, providing legal protection and clarity on the rights and responsibilities of both tenants and landlords. Without a lease, landlords risk financial losses, difficulty in collecting unpaid rent, and liability for property damage. A residential lease is a legally binding contract that helps prevent disputes and assists in resolving issues that may arise. It's essential to include basic terms in a lease agreement, such as the property details, names of the parties involved, and contact information. By understanding these key elements, landlords can effectively safeguard their interests and manage their properties.