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A lease agreement is a legally binding contract that outlines the obligations and rights of both tenants and landlords. It is crucial for landlords to have a lease agreement to prevent financial losses, property damage, and difficulties in collecting unpaid rent. The agreement serves as a foundation to avoid disputes and address issues efficiently. Essential elements to include in a lease agreement are details about the property, the names and contact information of the parties involved, and other fundamental terms. By understanding the basics of lease agreements, landlords can enhance their management skills and protect their property effectively.