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This video tutorial explains the importance of a lease agreement for landlords. Without one, landlords risk significant financial loss, face potential liability for property damage, and encounter difficulties in collecting unpaid rent. A residential lease agreement is a legally binding contract outlining the rights and obligations of both tenants and landlords, which helps prevent disputes and provides a framework for addressing issues. Key elements to include in a lease agreement are the property details, names, and contact information of all parties involved. Understanding these basics equips landlords to efficiently manage their rental properties.