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A lease agreement is a legally binding contract between a landlord and tenant that outlines each party's rights and obligations. It is essential for landlords as it helps prevent disputes and protects against potential financial losses, such as unpaid rent or property damage. Creating a lease agreement is simple and is crucial for effective property management. The document should include key details like the property address, names, and contact information of both parties. Having this agreement in place acts as the landlord's first line of defense in case any issues arise during the rental period.