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A lease agreement is a vital contract for landlords to have in place to protect their property and finances. Without one, landlords risk losing money, being liable for property damage, and struggling to collect rent. Creating a lease agreement is simple, and understanding its basics can make you a proficient landlord. A residential lease agreement is a legally binding document outlining the rights and responsibilities of both parties, preventing disputes and facilitating problem-solving. Key components of a lease agreement include property details, tenant and landlord information, and terms of the lease.
