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A lease agreement is a crucial legal contract for landlords and tenants, outlining their rights and obligations. Without a lease, landlords might face significant financial risks, including property damage and difficulties in collecting unpaid rent. A properly drafted lease agreement helps prevent disputes and serves as protection for landlords. Key components of a lease should include the property details, names and contact information of parties involved, and specific terms of the rental arrangement. Understanding these elements will prepare landlords to manage their properties effectively and professionally.