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In this tutorial, landlords learn about the importance of a lease agreement, highlighting the risks of operating without one, such as potential financial loss, liability for property damage, and difficulties in collecting unpaid rent. A residential lease agreement is defined as a legally binding contract that outlines the rights and obligations of both tenants and landlords, helping to prevent disputes and address issues effectively. It serves as a crucial safeguard for property protection. Key components to include in a lease agreement are the rental property details, names, and contact information of the involved parties, among other essential terms. Understanding these basics empowers landlords to manage their properties successfully.
