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A lease agreement is a legally binding contract that outlines the rights and obligations of both the landlord and tenant, crucial for avoiding disputes and protecting property. Without a lease, landlords may risk significant financial losses due to property damage or difficulties in collecting unpaid rent. Creating a lease agreement is straightforward and essential for effective property management. Key components of a lease should include details about the property, names and contact information of the involved parties, and specific terms of the rental. Having a solid lease is an essential first line of defense for landlords.