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This video tutorial explains the importance and basics of a lease agreement for landlords. Without a lease, landlords risk significant financial losses, including property damage and difficulties in collecting unpaid rent. A residential lease agreement is a legally binding contract that outlines the rights and obligations of both tenants and landlords, helping to avoid disputes and address issues when they arise. It serves as the first line of defense for landlords in protecting their property. Key components of a lease agreement should include the property details, names, and contact information. Understanding these basics will empower landlords to manage their rental properties effectively.