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A lease agreement is a crucial, legally binding contract that outlines the rights and obligations of both landlords and tenants. Without one, landlords risk financial losses from property damage, difficulty collecting unpaid rent, and facing disputes. Creating a lease is straightforward and can make landlords more effective. A well-drafted residential lease agreement serves as the first line of defense for landlords, helping to prevent disputes and providing a framework for resolving issues. Essential elements to include in the lease are details about the property, names, and contact information of the parties involved. Understanding these basics enables landlords to manage their properties efficiently.
