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A lease agreement is a crucial, legally binding contract that outlines the rights and obligations of both landlords and tenants. Without one, landlords risk financial losses, may face challenges in collecting unpaid rent, and could be liable for property damage. A good lease helps prevent disputes and serves as a key resource for resolving issues that arise. Essential elements of a residential lease agreement should include property details, names, and contact information of the parties involved. Understanding these basics equips landlords with the knowledge to manage their properties effectively.