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A lease agreement is a legally binding contract that outlines the rights and obligations of both landlords and tenants. It helps protect landlords from potential losses, such as property damage or unpaid rent, and minimizes disputes. Key components of a lease agreement should include property details, names, and contact information of both parties. Having this agreement is essential for safeguarding your interests and provides a clear framework for addressing issues that may arise during the rental period. Overall, understanding and creating a lease agreement is crucial for successful property management.