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In this tutorial, landlords learn the importance of a lease agreement. Without one, they risk losing significant amounts of money, facing liability for property damage, and struggling to collect unpaid rent. A residential lease agreement is defined as a legally binding contract that outlines the rights and responsibilities of both tenants and landlords. It helps prevent disputes and provides a framework for resolving issues. The video emphasizes that creating a lease agreement is straightforward, and highlights the essential elements to include, such as the property description, names, and contact information of the involved parties.
