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A lease agreement is a crucial legal contract between a landlord and tenant that outlines their rights and responsibilities. Without one, landlords risk financial losses, potential liability for property damage, and difficulties in collecting unpaid rent. Creating a lease is straightforward and understanding its components will enhance a landlord's expertise. A residential lease agreement serves as a safeguard against disputes and is essential for addressing issues regarding property protection. Key elements to include in a lease agreement are the rental property details, names, and contact information of the parties involved, along with essential terms of the lease.