[ad_1]
Jeffrey Johnson started his editorial career nearly 20 years ago as an editor and researcher for McGraw Hill and Pearson. After earning an MFA from Chapman University and his J.D. from the University of Baltimore School of Law, he combined his editorial and writing experience with his legal education. He served as the Managing Legal Editor for the websites Free Advice and Law Firm, and has been featured as a legal expert on The Manifest and Vice.
Jeffrey Johnson started his editorial career nearly 20 years ago as an editor and researcher for McGraw Hill and Pearson. After earning an MFA from Chapman University and his J.D. from the University of Baltimore School of Law, he combined his editorial and writing experience with his legal education. He served as the Managing Legal Editor for the websites Free Advice and Law Firm, and has been featured as a legal expert on The Manifest and Vice.
Adam Ramirez has been writing and editing about the law and legal issues for more than 20 years. After earning a law degree from the University of Arizona, he clerked for two years for a U.S. District Court judge. He researched and wrote legal precedent in published opinions on behalf of the Court. He previously was an editor, columnist and journalist at the Miami Herald, The Dallas Morning News, The Oregonian, Golf Digest, FindLaw.com and other media outlets.
Adam Ramirez has been writing and editing about the law and legal issues for more than 20 years. After earning a law degree from the University of Arizona, he clerked for two years for a U.S. District Court judge. He researched and wrote legal precedent in published opinions on behalf of the Court. He previously was an editor, columnist and journalist at the Miami Herald, The Dallas Morning News, The Oregonian, Golf Digest, FindLaw.com and other media outlets.
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors’ opinions or evaluations.
Getty
If you’re a landlord trying to lease your property to someone or a tenant looking to rent, an Arkansas lease agreement is vital. Whether renting for a few months or several years, a well-written and legally binding contract will be required.
A good Arkansas lease agreement protects all parties’ interests and clarifies all the obligations and benefits of the landlord-tenant relationship. If you need to draft a rental contract, a template is a great way to start. You can get a free Arkansas lease template by entering your email address below.
What Is a Lease Agreement?
A lease agreement is a legally binding contract between a landlord, who owns a property, and a tenant, who intends to occupy the property for a specified period. This agreement outlines the terms and conditions governing the rental arrangement. It typically includes details such as rent amount, payment schedule, security deposit, lease duration, rules for property use, maintenance responsibilities and procedures for dispute resolution.
It serves as a comprehensive document that safeguards the interests of both the landlord and tenant. It establishes a framework for the rental relationship, ensuring clear communication and minimizing potential conflicts. A rental contract helps create a legally sound arrangement by clearly outlining expectations and obligations.
When Is a Lease Agreement Used in Arkansas?
Generally, a lease agreement is used whenever a property owner agrees to let someone else use their property for a period of time. In Arkansas, a rental agreement should always be in writing. While the law may not require it, a written contract can prove invaluable if there is a disagreement between landlord and tenant.
Who Typically Creates a Lease Agreement?
The creation of the document is usually left to the landlord, and you may find that a landlord is unwilling to use a lease created by a tenant. This is especially true of residential leases. Prospective tenants always have the right to negotiate terms with a landlord, however, this practice is more common when negotiating a commercial lease.
Regardless of who creates a lease, it can benefit both parties to document all the terms agreed to at the beginning of the landlord-tenant relationship.
What Parties Are Involved in a Lease Agreement?
The parties to a rental contract are:
- The landlord who owns the property
- The tenant who occupies the property
The landlord and tenant can be single individuals, groups of people or companies.
Sometimes, a landlord may require a tenant to find a cosigner, who becomes a third party to the contract. A cosigner—also called a guarantor—is responsible for fulfilling the tenant’s obligations under the lease if the tenant fails to do so.
What Should Be Included in an Arkansas Lease Agreement?
There are a lot of elements that should be in a lease, but the requirements of a written lease in Arkansas are surprisingly minimal:
- A lease must identify and be signed by all parties.
- A lease must identify the address of the property being rented.
- Finally, a lease must identify the amount and frequency of the rent payments.
Just because it only takes a few criteria to form a legal lease doesn’t mean it’s a good idea to write such short and vague agreements, however.
A well-written Arkansas lease should include details like the term of the lease, the manner in which the rent is to be paid, the security deposit (if any), how the tenant should contact the landlord, the timing of repairs and requirements for the landlord accessing the property. These are just some items that a lease should include, too.
You can see an example of a well-drafted and inclusive Arkansas lease in our free template.
Frequently Asked Questions (FAQs)
What rights does a tenant have in Arkansas?
A lease in Arkansas is a contract between the tenant and landlord. Like any contract, both parties can negotiate the terms—at least in theory. In practice, landlords may be unwilling to alter their residential lease.
It doesn’t hurt to ask, however. It’s also important to know that a lease can’t contain terms that are illegal.
Does a lease need to be notarized in Arkansas?
An Arkansas lease does not need to be notarized to be valid and enforceable. In fact, notarizing a lease is extremely rare—increasingly so as more and more residential leases are e-signed.
How much can a landlord increase the rent in Arkansas?
There are no caps on how much a landlord can increase the rent in most states. In Arkansas, there are no rent controls.
Was this article helpful?
Next Up In
Company Formation
More from
Forbes Advisor adheres to strict editorial integrity standards. To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. The opinions expressed are the author’s alone and have not been provided, approved, or otherwise endorsed by our partners.
Are you sure you want to rest your choices?
”
>
[ad_2]
Source link
