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A lease agreement is a legally binding contract outlining the rights and obligations of landlords and tenants. Without one, landlords risk losing significant amounts of money due to potential property damage and difficulties in collecting unpaid rent. Creating a lease agreement is straightforward and essential for effective property management. Key elements of a residential lease should include details about the property, the names and contact information of the parties involved, and other essential terms. Having a lease agreement in place helps prevent disputes and serves as a primary tool for landlords to protect their interests.
