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In this tutorial, landlords learn the importance of having a lease agreement. Without one, they risk losing money, facing property damage liability, and encountering difficulties in collecting 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. The tutorial emphasizes that creating a lease agreement is straightforward and essential for safeguarding property and ensuring smooth landlord-tenant relationships. Key components that should be included in the lease agreement are outlined, highlighting the necessary details about the rental property and involved parties.