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A lease agreement is a crucial legally binding contract between a landlord and tenant that outlines their rights and obligations. Without it, landlords risk losing significant money due to issues like property damage and unpaid rent. A lease helps prevent disputes and serves as a primary defense for protecting property. Essential elements of a lease include details about the rental property, the names and contact information of both parties, and other fundamental terms. Understanding the basics of creating a lease agreement is vital for successful property management.