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A lease agreement is a legally binding contract that outlines the obligations and rights of both landlords and tenants. It is crucial for landlords to have this agreement to avoid potential disputes, property damage liabilities, and difficulties in collecting unpaid rent. Creating a lease agreement is straightforward and essential for protecting your investment. Key components of a lease should include the property specifics, names and contact information of involved parties, rental terms, and other pertinent details. Having a well-drafted lease serves as a landlord's first line of defense in managing rental properties effectively.