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In this tutorial, landlords learn about the importance of a lease agreement. Without one, they risk losing money, are liable for property damage, and may struggle to collect unpaid rent. A residential lease agreement is 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 tool for protecting property. Key elements of a lease agreement include details about the property, the names and contact information of both parties, and essential terms. Creating a lease agreement is straightforward and essential for successful property management.