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A lease agreement is a legally binding contract crucial for landlords and tenants, outlining their rights and obligations. Without a lease, landlords risk significant financial losses, face challenges in collecting unpaid rent, and could be liable for property damage. Creating a lease is straightforward and essential for effective property management. The agreement serves as a first line of defense in disputes, helping landlords protect their interests. Key components of a lease should include details about the property, names of the parties involved, and their contact information. Understanding and utilizing a lease agreement positions landlords for success.
