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A residential lease agreement is a legally binding contract outlining the rights and obligations of both tenants and landlords. Without one, landlords risk financial losses, property damage, and challenges in collecting unpaid rent. Creating a lease agreement is straightforward, and understanding its basics equips landlords to manage their properties effectively. Key elements of a lease agreement should include the property details, names, and contact information of the landlord and tenant. Having a lease agreement is essential for avoiding disputes and serves as a crucial safeguard for landlords to take necessary actions to protect their property.
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