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A lease agreement is a legally binding contract between a tenant and landlord that outlines obligations and rights, helping prevent disputes and protect the property. Without one, landlords risk property damage, unpaid rent, and financial losses. Creating a lease agreement is simple and essential for landlord success. Key components include property details, tenant and landlord information, and terms of the lease. Understanding and upholding a lease agreement is crucial for maintaining a professional and secure landlord-tenant relationship.