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A lease agreement is a crucial legally binding contract between a landlord and tenant, outlining both parties' obligations and rights. Without a lease, landlords risk losing money, facing property damage liabilities, and struggling to collect unpaid rent. Creating a lease agreement is straightforward, and understanding its basics can enhance a landlord’s management skills. The agreement serves to prevent disputes and address issues effectively. Key elements to include in a lease are details about the rental property, the names and contact information of the parties involved, and essential terms that define the rental arrangement.
