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In this video tutorial, Jacquie Hardison, a residential mortgage lender, and Shannan Cargo-Boat, a real estate agent and investor, discuss the essentials of drafting a lease. They emphasize the importance of understanding key lease terms, with Jacquie highlighting that while some legal jargon is standard, many useful lease templates can be found online. It's crucial to choose a template applicable to your specific state due to varying state laws. One important element to include is the lease term, which can range from six months to two years or more, depending on your preference.