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A lease agreement is a crucial document for landlords, defining the rights and obligations of both tenants and landlords. Without it, landlords risk significant financial loss, including property damage and difficulties in collecting unpaid rent. Creating a lease agreement is straightforward and essential for effective property management. A residential lease agreement serves as a legally binding contract that helps prevent disputes and provides a framework for resolving issues. Key elements of a lease agreement should include details about the rental property, as well as the names and contact information of both parties. Understanding and utilizing a lease agreement equips landlords to protect their investments.