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A lease agreement is a crucial, legally binding contract that outlines the rights and obligations of both landlords and tenants. Without one, landlords risk significant financial losses, such as property damage and difficulties in collecting unpaid rent. Creating a lease agreement is straightforward and essential for preventing disputes and addressing issues effectively. Key elements to include in a lease agreement are details about the property, names of the parties involved, and their contact information. Understanding these basics can help landlords manage their properties like a pro.