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A lease agreement is a legally binding contract that outlines the rights and obligations of both landlords and tenants. Without one, landlords risk significant financial loss, including liability for property damage and difficulties in collecting unpaid rent. Creating a lease is straightforward, and understanding its basics can empower landlords. A well-structured lease helps prevent disputes and provides a framework for addressing issues as they arise. Key elements to include in the lease are the property details, names of the parties involved, and contact information, ensuring both parties are clear on their responsibilities.
