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This tutorial explains what a lease agreement is and its importance for landlords. Without one, landlords risk losing money, facing issues with property damage, and having difficulties collecting unpaid rent. A residential lease agreement is a legally binding contract that outlines the rights and obligations of both tenants and landlords, helping prevent disputes and facilitating problem resolution. It serves as a protective measure for the landlord. Key elements to include in a lease agreement are details about the property, the names and contact information of both parties, and other essential terms. Understanding these basics will help landlords effectively manage their rental properties.