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A lease agreement is a crucial document for landlords, serving as a legally binding contract that outlines the rights and obligations of both tenants and landlords. Without a lease, landlords risk significant financial losses, including property damage and difficulties in collecting unpaid rent. Creating a lease is simple and essential for avoiding disputes and addressing issues efficiently. Key elements of a lease agreement should include the property details, names, and contact information of the parties involved. A well-drafted lease is the landlord's first line of defense in protecting their property and interests.