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In this tutorial, landlords learn the importance of a lease agreement, which is essential to avoid financial risks such as losing thousands of dollars, facing property damage liabilities, and difficulties in collecting unpaid rent. A residential lease agreement is a legally binding contract that details the rights and obligations of both the tenant and landlord, helping to prevent disputes and address issues effectively. It serves as the landlord’s first line of defense when necessary. Key elements that should be included in a lease agreement encompass the property details, names, and contact information of involved parties. Understanding these basics enables landlords to manage their properties confidently.
