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A lease agreement is a legally binding contract detailing the rights and obligations of both tenants and landlords, essential for avoiding disputes and protecting property. Without a lease, landlords risk losing money, facing unpaid rent, and being liable for property damage. Creating a lease is straightforward, and understanding its components prepares landlords for effective management. Key elements of a lease include the property specifics, names, and contact information of all parties involved. Implementing a lease agreement is crucial for ensuring clarity and protecting interests in rental situations.