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A lease agreement is a legally binding contract that outlines the rights and obligations of both the tenant and landlord. Without one, landlords risk losing money due to issues such as property damage and difficulties in collecting unpaid rent. Creating a lease agreement is straightforward and essential for protecting your property and avoiding disputes. Key elements to include in a lease agreement are the property details, names of the parties involved, and contact information. By understanding and utilizing a lease agreement, landlords can manage their responsibilities effectively and safeguard their interests.