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A lease agreement is a crucial legal document for landlords, outlining the rights and obligations of both the landlord and tenant. Without one, landlords risk significant financial losses, potential liability for property damage, and difficulties in collecting unpaid rent. A well-structured lease can help prevent disputes and facilitate problem-solving. Key elements of a lease agreement include the property details, tenant and landlord names, and contact information. Understanding the basics will help landlords create effective lease agreements and navigate landlord responsibilities efficiently.