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A lease agreement is a crucial legal document that outlines the obligations and rights of both landlords and tenants. Without one, landlords risk financial losses, potential property damage, and difficulties in collecting unpaid rent. It serves as a protective measure against disputes and helps resolve issues effectively. Key components to include in a lease agreement are the property details, names of the parties involved, and contact information. Understanding these basics equips landlords to create effective lease agreements and manage their properties successfully.