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A lease agreement is a crucial, legally binding contract between landlords and tenants that outlines their rights and obligations. Without this contract, landlords risk losing money, facing property damage liability, and struggling to collect unpaid rent. Creating a lease agreement is straightforward and essential for effective property management. It serves as a safeguard against disputes and provides a clear process for addressing issues. Key elements of a lease agreement should cover the property details, names of the parties involved, and contact information, among other basic terms, to ensure clarity and protection for both landlords and tenants.