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In this tutorial, landlords learn about the importance of a lease agreement and its role in protecting their investments. Without a lease, landlords risk losing money, facing liability for property damage, and struggling 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. Key components of the lease should include details about the property, names, and contact information. Understanding these basics equips landlords to manage their properties confidently and mitigate potential risks.