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A lease agreement is a legally binding contract essential for landlords, protecting them from financial loss and legal issues. Without it, landlords risk liability for property damage and face challenges in collecting unpaid rent. A residential lease outlines the rights and obligations of both tenants and landlords, helping prevent disputes and facilitating problem resolution. Key elements to include in a lease agreement are the property's details, the names and contact information of the parties involved, and fundamental terms of the rental arrangement. Understanding these basics equips landlords to handle their responsibilities more effectively.
