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A lease agreement is a legally binding contract that outlines the rights and obligations of both tenants and landlords. Without a lease, landlords risk significant financial losses, including property damage and difficulties in collecting unpaid rent. Creating a lease is straightforward, and understanding its basics is crucial for effective property management. Key elements of a lease agreement should include details about the property, as well as the names and contact information of both parties. Having a written lease helps prevent disputes and provides a clear course of action to protect your property when issues arise.
