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A lease agreement is a crucial legal document for landlords and tenants, outlining their rights and obligations. Without one, landlords risk significant financial losses, potential liability for property damage, and difficulties in collecting unpaid rent. A residential lease agreement serves as a protective measure, helping to prevent disputes and offering a framework for resolving issues. Key components of a lease agreement should include details about the property, the names and contact information of the parties involved, and other essential terms. Creating a lease agreement is straightforward and essential for effective property management.