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A lease agreement is a crucial legal document that outlines the rights and obligations of both landlords and tenants, helping to prevent disputes and protect property. Without a lease, landlords risk significant financial loss, including issues like property damage and difficulties in collecting unpaid rent. Creating a lease agreement is straightforward, and understanding its components is essential for effective property management. Key elements of a lease should include the rental property details, names, and contact information of both parties. Having a lease serves as a primary defense in landlord-tenant relations, providing clarity and a basis for resolving issues.