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This tutorial explains the importance of a lease agreement for landlords. Without a lease, landlords risk losing significant amounts of money, facing liability for property damage, and encountering difficulties in collecting unpaid rent. A residential lease agreement is a legally binding contract outlining the rights and obligations of both tenants and landlords. It serves as a preventive measure against disputes and helps resolve issues efficiently. Essential elements of a lease agreement include details about the property, the names of the parties involved, and their contact information. Understanding these basics can help landlords manage their properties effectively.