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A lease agreement is a crucial, legally binding contract that outlines the rights and responsibilities of both landlords and tenants. It is essential for landlords to have this agreement to avoid financial losses, manage property damage liability, and collect unpaid rent effectively. The lease serves as a first line of defense in disputes and helps resolve issues that may arise. Key components of a lease agreement should include details about the property, the names and contact information of the parties involved, and other fundamental terms. Understanding these basics makes it easier for landlords to create an effective lease and manage their rental properties successfully.
