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- Lease agreements in Alabama are used to establish a legally binding contract between a tenant and a landlord. The agreement may be used as leverage if either party fails to keep their end of the bargain. Its essential to pay careful attention to federal and state law when drafting a rental contract. (light music) (air whooshing) Hi, everyone, Im your host, Andrew Chung. In this video, well guide you through the ins and outs of creating an Alabama residential lease agreements. This legal document crucial to your rental business establishes a binding contract between you, the landlord, and your tenant. There are several key elements your lease agreement should cover, such as the tenant and landlords names, addresses, disclosures, move-in checklists, security deposit details, payment deadlines, late fees, utility arrangements, lease termination, and eviction processes. By including all these details, youll ensure both parties are fully aware of the responsibilities. (light music) i