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This tutorial explains the importance of a lease agreement for landlords, highlighting the risks of operating without one, such as potential financial losses and difficulties in handling issues like property damage and unpaid rent. A residential lease agreement is described as a legally binding contract that outlines the rights and responsibilities of both tenants and landlords, helping to prevent disputes and providing a framework to address problems. Key elements of a lease agreement should include details of the property, names, and contact information of the parties involved, ensuring a clear understanding of expectations and responsibilities.
