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A lease agreement is a legally binding contract that outlines the rights and obligations of both landlords and tenants. Without a lease, landlords risk losing money due to property damage, difficulty collecting unpaid rent, and other issues. A properly drafted lease helps prevent disputes and provides a framework for resolving problems. Key components of a lease agreement should include details about the property, names and contact information of the parties involved, and specific terms outlining the conditions of the rental arrangement. Understanding and implementing these elements makes the landlord experience more manageable and protects property interests.