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A lease agreement is a legally binding contract between a landlord and a tenant that outlines their rights and obligations. It is essential for landlords, as it helps avoid disputes and provides a framework for addressing issues. Without a lease, landlords risk losing significant money due to potential property damage and difficulties in collecting unpaid rent. Creating a lease agreement is straightforward. Key elements to include are the property details, the names, and contact information of both parties, as well as other essential terms. Understanding these basics will enable landlords to effectively manage their rental properties.
