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This tutorial explains the importance of a lease agreement for landlords, emphasizing that without one, they risk losing money, facing property damage liabilities, and having difficulty collecting unpaid rent. A residential lease agreement is defined as a legally binding contract outlining the rights and obligations of both landlords and tenants. It serves to prevent disputes and address issues effectively. The tutorial highlights that a solid lease agreement acts as a landlord's first line of defense. Key components of a lease agreement should include details about the property, the names, and contact information of the parties involved, among others.