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A lease agreement is a crucial legal contract between landlords and tenants that outlines their rights and obligations. Without one, landlords risk financial loss due to property damage and challenges in collecting unpaid rent. Creating a lease is straightforward and essential for preventing disputes. Key elements of a residential lease agreement should include details about the rental property, the names and contact information of the parties involved, and specific terms related to rent, security deposits, and maintenance responsibilities. A well-structured lease agreement serves as a foundation for a successful landlord-tenant relationship and a primary defense for safeguarding the property.