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A lease agreement is a legally binding contract that outlines the rights and obligations of both landlords and tenants. It is essential for landlords, as lacking one can lead to significant financial losses, property damage liabilities, and challenges in collecting unpaid rent. A well-drafted lease helps prevent disputes and provides a framework for resolving issues that may arise. Key components to include in a lease are the rental property's details and the names and contact information of the parties involved. Understanding and creating an effective lease agreement equips landlords with the tools to manage their properties successfully.