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In this tutorial, landlords learn the importance of a lease agreement, which is a legally binding contract outlining the rights and obligations of both tenants and landlords. Without such an agreement, landlords risk significant financial losses, including property damage and difficulties in collecting unpaid rent. A well-crafted lease helps prevent disputes and serves as a defense when issues arise. Essential components of a lease agreement include details about the property, the names and contact information of the parties involved, and other basic terms. Understanding these basics can empower landlords to effectively manage their rental properties.
