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A lease agreement is a legally binding contract outlining the obligations and rights of both the tenant and landlord. It is essential for landlords to have one, as it helps avoid disputes and protects against potential financial losses, including property damage and unpaid rent. Creating a lease agreement is straightforward, and understanding its basics can make you an effective landlord. Key components of a lease include details about the property, the names and contact information of the parties involved, and other essential terms to ensure clarity and protection for both sides.
