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The video discusses the importance of understanding possible illegal provisions in a residential lease agreement, both for tenants and landlords. The attorney highlights seven contract terms that could render the lease void, making it unenforceable. These terms may vary based on state landlord-tenant laws, but are likely illegal in most states. It is emphasized that the discussed terms do not impose criminal liability on the landlord. The attorney also mentions the consequences of using boilerplate leases from the internet, emphasizing the need for valid and effective lease agreements.