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A lease agreement is a legally binding contract that outlines the rights and obligations of both landlords and tenants, essential for preventing disputes and protecting property. Without one, landlords risk significant financial losses, including unpaid rent and property damage. Creating a lease agreement is straightforward, and understanding its key components can enhance landlord skills. Important elements to include in a lease agreement are details about the rental property, names of the parties involved, and contact information. Properly leveraging a lease agreement serves as a crucial first line of defense for landlords.