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A lease agreement is a legally binding contract that outlines the rights and obligations of landlords and tenants. Without a lease, landlords risk losing money, face challenges in collecting unpaid rent, and may be liable for property damage. Creating a lease agreement is straightforward, and understanding its essentials is crucial. Key components of a lease should include details about the property, names and contact information of both parties, and specific terms and conditions to help prevent disputes and address issues effectively. Ultimately, a lease agreement serves as a vital protective measure for landlords.