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A lease agreement is a legally binding contract outlining the rights and obligations of both landlords and tenants. Without it, landlords risk significant financial losses, face liability for property damage, and struggle to collect unpaid rent. Creating a lease agreement is straightforward and essential for avoiding disputes and addressing issues effectively. Key elements of a lease should include details about the rental property, the names and contact information of the parties involved, and other important terms. A well-structured lease agreement serves as the landlord's primary protection for their property.