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In this tutorial, landlords learn the importance of a lease agreement, which is a legally binding contract outlining the rights and obligations of both tenants and landlords. Without a lease, landlords risk financial loss, property damage liability, and challenges in collecting unpaid rent. A well-structured lease agreement serves as a protective measure against disputes and issues that may arise. Essential components to include are details about the property, names, and contact information of the parties involved. Understanding these basics equips landlords to manage properties effectively and safeguard their interests.