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A lease agreement is a legally binding contract that outlines the rights and obligations of both landlords and tenants. Without a lease, landlords risk losing significant money, facing difficulty in collecting unpaid rent, and dealing with property damage. A lease serves as a protective measure, helping to prevent disputes and address issues effectively. Key components of a lease agreement include details such as the property being rented, the names and contact information of the parties involved, and other essential terms. Understanding these basics will empower landlords to manage their properties more effectively.
