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In this video tutorial, landlords learn about the importance of a lease agreement. Without one, landlords risk losing significant amounts of money due to potential liabilities like property damage and difficulties in collecting unpaid rent. A residential lease agreement is defined as a legally binding contract that outlines the rights and responsibilities of both landlords and tenants. It helps prevent disputes and provides a framework for addressing issues that may arise. The tutorial emphasizes that creating a lease agreement is straightforward, and understanding its basics can enhance one’s efficacy as a landlord. Key elements such as property details and contact information should be included in the agreement.
