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In this tutorial, landlords are introduced to the importance of a lease agreement. Without one, they risk significant financial losses, face potential liability for property damage, and encounter difficulties in collecting unpaid rent. A residential lease agreement is defined as a legally binding contract outlining the rights and obligations of both tenants and landlords, helping to prevent disputes and address issues efficiently. The video emphasizes that creating a lease agreement is straightforward and essential for effective property management. Key elements that should be included in a lease agreement are mentioned to ensure landlords are well-prepared.