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In this tutorial, landlords learn the importance of a lease agreement and its role in protecting their investments. Without a lease, landlords risk significant financial losses, such as property damage and difficulty in collecting unpaid rent. A residential lease agreement is defined as a legally binding contract outlining the rights and responsibilities of both tenants and landlords, helping to prevent disputes and addressing issues that may arise. It serves as a landlord's first line of defense in protecting their property. Key elements to include in a lease agreement are the property details, and names and contact information of the parties involved.
