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This video tutorial explains the importance of a lease agreement for landlords. Without a lease, landlords risk losing money, facing property damage issues, and struggling to collect rent. A residential lease agreement is a legally binding contract outlining the rights and responsibilities of both tenants and landlords, helping to avoid disputes. Creating a lease agreement is straightforward, and understanding its basics can make any landlord proficient. Essential elements of a lease should cover the rental property, names, and contact details of both parties, among other key terms. Having a lease serves as the landlord's first line of defense in property protection and conflict resolution.