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A lease agreement is a legally binding contract that outlines the rights and responsibilities of both landlords and tenants. It is crucial for landlords to have a lease to avoid financial risks, such as property damage and issues with rent collection. A well-structured lease agreement aids in preventing disputes and serves as a first line of defense when issues arise. Key elements to include are the property details, the names and contact information of the parties involved, and other basic terms. Understanding these fundamentals can help landlords effectively manage their properties and protect their interests.