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This tutorial explains the importance of a lease agreement for landlords. Without one, landlords risk significant financial loss, including liabilities for property damage and difficulties in collecting unpaid rent. A residential lease agreement is a legally binding contract outlining the rights and obligations of both tenants and landlords, helping to prevent disputes and providing a framework for resolving issues. Key elements that should be included in a lease agreement are details about the property being rented, as well as the names and contact information of the involved parties. Understanding these basics will enhance a landlord's effectiveness.