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A lease agreement is a crucial, legally binding contract between a landlord and tenant that outlines their rights and responsibilities. Without a lease, landlords risk significant financial losses, may struggle to collect unpaid rent, and could face liability for property damage. A well-crafted lease helps prevent disputes and provides a foundation for resolving issues that may arise. Key elements of a lease agreement include details about the rental property, names and contact information of the parties, and other essential terms. Understanding these basics can empower landlords and enhance their property management practices.