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In this tutorial, landlords learn the importance of having a lease agreement. Without one, they risk financial losses, property damage liability, and difficulties in collecting unpaid rent. A residential lease agreement is defined as a legally binding contract that outlines the rights and obligations of both the tenant and landlord, serving as a crucial tool to prevent disputes and manage issues effectively. The tutorial emphasizes that creating a lease agreement is straightforward, and understanding its basics can make landlords proficient. Key components to include in a lease agreement are outlined, which cover the property details, tenant and landlord names, and contact information.