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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 a lease, landlords risk significant financial losses, such as property damage and difficulties in collecting unpaid rent. Creating a lease agreement is straightforward and helps prevent disputes while providing a framework for resolving issues. Key elements that should be included in a lease agreement are the details of the property being rented, as well as the names and contact information of the parties involved. Overall, a well-structured lease is essential for effective property management and protection.