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A lease agreement is a crucial legal document that outlines the rights and obligations of both landlords and tenants. Without one, landlords risk losing money, facing liability for property damage, and struggling to collect unpaid rent. Creating a lease agreement is straightforward and essential for avoiding disputes and resolving issues effectively. Key elements to include in a residential lease agreement are the property details, names of the parties involved, and contact information. Understanding these basics will enhance landlords' ability to manage their properties effectively while protecting their interests.