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A lease agreement is a legally binding contract that outlines the rights and obligations of both landlords and tenants, protecting landlords from potential financial losses, property damage, and difficulties in collecting unpaid rent. It is essential to have a lease agreement to prevent disputes and address issues effectively. The document serves as the first line of defense for landlords. Key elements that should be included in a lease agreement are the property details, the names and contact information of the parties involved, and other essential terms. Understanding these basics will help landlords manage their properties effectively and confidently.