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A lease agreement is a crucial legally binding contract between a landlord and tenant that outlines their respective obligations and rights. It helps avoid disputes, facilitates problem resolution, and serves as a defense for landlords in protecting their property. Without a lease agreement, landlords risk financial loss, property damage liability, and difficulties in collecting unpaid rent. Creating a lease is straightforward, and understanding its essential components is key to becoming an effective landlord. Key elements to include in a lease agreement are details about the rental property, names, and contact information of both parties.
