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A lease agreement is a crucial legal contract between landlords and tenants that outlines their rights and obligations. Without one, landlords risk financial losses, potential liability for property damage, and difficulties in collecting unpaid rent. Creating a lease agreement is straightforward and vital for effective property management. Essential components to include are the property details, the names and contact information of the parties involved, and key terms that can help prevent disputes and address issues if they arise. Ultimately, a lease agreement serves as the landlord's first line of defense in protecting their property.