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In this tutorial, landlords learn about the importance of having a lease agreement. Without one, they risk significant financial losses, including liabilities for property damage and challenges in collecting unpaid rent. A residential lease agreement is a legally binding contract outlining the rights and obligations of both landlords and tenants, which helps prevent disputes and streamline problem resolution. The tutorial emphasizes that a lease serves as an essential safeguard for landlords. Key components of a lease agreement should include details about the property, the names and contact information of the parties involved, and other essential terms. Creating a lease agreement is straightforward and vital for effective property management.