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The video discusses the importance of having a proper pet agreement as an addendum to your tenancy agreement. If you plan to get a pet, it’s crucial to obtain written permission from your landlord, thereby protecting yourself. The pet agreement should be attached to the rental agreement, specifying the number and type of pets allowed. The original rental agreement usually prohibits pets, but it can be amended to grant permission following the landlord's approval. It emphasizes that tenants must adhere to rules and regulations regarding pets to ensure compliance with the tenancy terms.