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A lease agreement is a legally binding contract outlining the rights and obligations of landlords and tenants. Without one, landlords risk losing significant amounts of money, face challenges in collecting rent, and could be liable for property damage. Creating a lease is straightforward and essential for avoiding disputes and protecting property interests. Key elements to include in a lease agreement are details about the rental property, names and contact information of the parties involved, and other essential terms. Having a lease is crucial for effectively managing rental relationships and addressing any issues that may arise.