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In this tutorial, landlords learn about the importance of a lease agreement. Without one, they risk financial loss, may face challenges in collecting unpaid rent, and could be liable for property damage. A residential lease agreement serves as a legally binding contract that outlines the rights and obligations of both tenants and landlords, helping to prevent disputes and address issues effectively. The video emphasizes that creating a lease agreement is straightforward, and understanding its key components will enhance a landlord's effectiveness. Essential elements to include are the property details, names, and contact information of the involved parties.