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[Music] hello landlords welcome to our quick and easy explanation of what a lease agreement is and why you need one let's get to it did you know that without a lease agreement you may risk losing thousands of dollars without a contract you could be liable for property damage have a hard time collecting unpaid rent and more the good news is it's easy to create a lease agreement and once you understand the basics you'll be a landlord pro in no time first let's start by defining what a residential lease agreement is a residential lease agreement is a legally binding contract that explains the obligations and rights of both the tenant and landlord having a lease agreement helps you avoid disputes with your tenants and fix problems when they arise in the case where you have to take action to protect your property police agreement is your first line of defense next let's go over what should be included in a lease agreement basic terms should include the property to be rented names and contact details for all tenants who will be living in the property how rent will be paid including the amount payment method and frequency terms of the security deposit duration of the lease agreement landlord and tenant responsibilities rights and rules around accessing the property and late fees property to be rented the address of the property how many tenants are allowed to live on the property what utilities are covered by the landlord versus the tenant rent price the set amount of money the tenant will pay in order to live in the property and which day of the month the rent will be paid on you can determine rent price by researching comparable rental properties on sites such as zillow or trulia security deposit a security deposit is a separate fund the landlord requests from the tenant and these funds may be used to pay for unpaid rent or damage to the property in most cases this deposit is equal to one or two months rent and kept in an escrow account for the tenant it is best to check with your specific state's rental laws on security deposits as they do vary by state duration it is important to define the duration of the lease agreement and what will happen once the duration is up renewals commonly switch to a month-to-month payment or the landlord may choose to have the tenant sign another contract with a set duration landlord's responsibilities repairing and maintaining the property including appliances such as the air conditioning or heater that undergo normal wear and tear and common areas for multi-unit properties respecting attendance right to quiet enjoyment living without disturbances for example not making unnecessary visits to the property providing a safe and clean home to the tenant for the term of the lease this includes resolving water or mold damage changing broken locks and maintaining a pest free environment making any requested repairs promptly...