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A lease agreement is a legally binding contract that outlines the rights and obligations of both tenants and landlords, crucial for protecting property interests. Without a lease, landlords risk significant financial losses, property damage, and difficulties in collecting unpaid rent. Creating a lease is straightforward, and understanding its basics empowers landlords. Key elements to include in a lease agreement are the rental property details, the names and contact information of both parties, and terms that help prevent disputes and address issues effectively. Ultimately, a lease serves as the landlord's first line of defense.