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This tutorial explains the importance of a lease agreement for landlords. It highlights that without a lease, landlords risk financial losses, face liability for property damage, and may struggle to collect unpaid rent. A residential lease agreement is defined as a legally binding contract that outlines the rights and obligations of both tenants and landlords, aiding in the prevention and resolution of disputes. The lease serves as a first line of defense for landlords to protect their property. Key components of a lease agreement should include details about the rental property, names of the parties involved, and their contact information. Understanding these basics equips landlords to manage their responsibilities effectively.