Updated September 08, 2022
An Arkansas lease agreement is a contract a landlord may use for the renting of a property to a qualified tenant. A lease is written after a tenant has shown interest in the property and negotiates with the landlord the terms of an agreement. The landlord will run a credit report and verify their income either through their employer or past tax returns. If approved, the landlord will write a lease for both parties to sign. At the time of lease signing, the tenant will be obligated to pay the security deposit and first (1st) month’s rent.
Table of Contents |
Agreement Types (6)
Standard Lease Agreement
– Fixed term, commonly twelve (12) months, for any type of residential property including an apartment, condominium, or house.
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Commercial Lease Agreement
– Designed for a business or individual seeking to operate from either office, retail, or industrial space.
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Month to Month Lease Agreement
(
§ 18-17-704
) – Known as a “tenancy at will” therefore the occupancy period renews automatically with payment and ends upon at least thirty (30) days’ written notice (unless the contract states otherwise).
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Rent-to-Own Lease Agreement
– A standard template with the added option of purchasing within a certain period.
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Room Rental (Roommate) Agreement
– Between the members of a home where each of them rent a bedroom and have shared common areas.
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Sublease Agreement
– Allows a tenant to let another individual occupy and payments may be made payable to either themselves or to the landlord directly.
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Required Disclosures (1)
Lead-Based Paint Disclosure – Required for any housing structure built prior to 1978 as the harmful substance may be in prior layers of paint and pose a danger with any cracking or chipping walls.
Security Deposits
Maximum ( § 18-16-304 ) – Landlord may not charge in excess of two (2) months’ rent to the tenant.
Returning ( § 18-16-305 ) – All funds must be returned to the tenant within sixty (60) days . If the landlord cannot find or get in contact with the tenant for up to one-hundred and eighty (180) days after the termination date then the money becomes the property of the landlord.
When is Rent Due?
Rent is due at the time and place agreed upon in the rental agreement ( § 18-17-401(b)(1) ).
Late Fees
There is no bbin电竞官网官方永久 law or statute that limits the amount a late fee can be in the bbin电竞官网官方永久 of Arkansas. Although, it is required that the late fee be listed in the lease.
Right to Enter (Landlord)
There is no bbin电竞官网官方永久 law or statute that requires a landlord to give notice to a tenant before entering the premises. Although, it is highly recommended to give at least 24-hour notice .
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