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A lease agreement is a legally binding contract that outlines the rights and obligations of both landlords and tenants. Without one, landlords risk significant financial losses, including difficulty in collecting unpaid rent and potential liability for property damage. A well-crafted lease helps prevent disputes and serves as a crucial first step in addressing issues that may arise. Key components of a lease agreement include details about the rental property, names of the parties involved, and contact information, among other essential terms. Understanding these basics can help landlords effectively manage their rental properties.
