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In this tutorial, landlords learn the importance of a lease agreement to protect their financial interests. Without one, they risk significant losses, such as liability for property damage and challenges in collecting unpaid rent. A residential lease agreement is defined as a legally binding contract outlining the rights and obligations of both tenants and landlords. It serves as a crucial tool to prevent disputes and address issues effectively. The video highlights the necessity of including essential elements in the lease, such as property details and contact information. Understanding these basics positions landlords for success in managing their properties.