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A lease agreement is a vital document that protects landlords from potential financial losses and liabilities, such as property damage and unpaid rent. It is a legally binding contract that outlines the rights and obligations of both the tenant and landlord, aiding in dispute prevention and resolution. Key elements of a residential lease agreement include the rental property details, names, and contact information of all parties, terms of rent, duration of the lease, and responsibilities regarding maintenance and utilities. Understanding these basics will empower landlords to manage their properties effectively and minimize risks.