Introduction About the Arkansas Lease Agreement
When you need to rent a land for lease in Arkansas, you need an Arkansas Lease Agreement. This agreement is a legally binding document between the tenant and the landlord regarding the listed property. A lease agreement made in respect of property located in Arkansas is known as the Arkansas Lease. This agreement provides a right to both the tenant and landlord to use the property in a particular way.
What Is the Arkansas Lease Agreement?
A lease agreement made in respect of property located in Arkansas is known as the Arkansas Lease. It is a legal document signed by a lessor and lessee, also known as landlord and tenant.
Who Takes an Arkansas Lease Agreement?
A tenant who wants to rent a property and a landlord who wants to lease a property in Arkansas takes this lease agreement.
What Is the Purpose of an Arkansas Lease Agreement?
The main purpose of the agreement is to create legal relation between the landlord and tenant for the listing of the property so that in case of any dispute they can settle things in an amicable manner, and the lease agreement will let them know their legal rights in respect of the property during the tenure of the agreement.
Contents of an Arkansas Lease Agreement
The contents of an agreement are provided below:
- Name and address of the lessor and lessee otherwise known as tenant and landlord
- Details and description of the property
- Declaration by both tenant and landlord regarding the ownership rights of the property
- Details of entry charge in society, if any
- Date of registration of the agreement
- Registration expenses
- Amount of rent
- Duration/tenure of the agreement
- Details of the mode of payment
- Rent payment procedure
- Rent due date
- Security deposit amount
- Advance amount paid if any
- Mode of adjustment
- Cleaning fee
- Escalation clause
- Pets clause
- Disclosure of landlord/agent &
- Full disclosure
How to Draft an Arkansas Lease Agreement?
The process of drafting of an Arkansas agreement is given below;
- Mention the names and addresses of the tenant and landlord
- Mention the Description of the property, including area, location, space, etc.
- Mention the rent amount, grace period, due date and penalty, late charges, if any
- Mention the mode of payment for rent
- How to get out of a lease in Arkansas? Mentioning the process or method for the termination of the agreement before the expiration of the agreement could help you in getting out of a lease!
- Mention the rules regarding parking, terrace, pet, etc.
- Mention the details of penalties in case of violation
The negotiation strategy of a lease agreement is completely dependent on the parties involved. In the case of the lease agreement, the tenant has to negotiate with the landlord so that he can have maximum favor in the long term in respect of the property. However, the negotiation process is solely mutual.
Benefits and Drawbacks of an Arkansas Lease Agreement
The lease agreement provides cost benefits as the amount of rent is fixed, and there are no such hidden charges. However, sometimes the costs can be more than expected as compared to the purchase of a property.
What Happens in Case of Violation?
Breaking a lease in Arkansas is deemed as a violation and calls for legal actions. It is well known that in case of violation of lease agreement, the parties can sue each other according to the governing law of Arkansas. In case of violation on the part of the tenant, he can be evicted by the landlord. If the landlord violates the rules, then the tenant can also sue for compensation.
The journey from hunting land for lease in Arkansas to actually getting the property you desire may seem to bog you down, however, this lease agreement serves as a breather, and smoothen all your transactions and dealings. A lease agreement provides a way to both parties, making them aware of their legal rights in respect of the property during the Tenure of the agreement.
You can Download the Free Arkansas Lease customize it according to your needs and Print. Arkansas Lease Template is either in MS Word, Excel or in PDF.
Sample Arkansas lease
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This agreement is made between the Landlord and the Tenant on the effective date of 10th November, 2011.
Landlord represented by
Mr. Risk Walsh
Address: 518 Beechwood St, Little Rock, AR 72205
Contact number: (501) 223-9915
Tenant represented by:
Mr. Aston Moore
Address: 995 Coley Drive, Mountain Home, AR 72653
Contact number: (870) 425-0344
Duration of Lease: 2 years
Terms and Conditions:
- Tenant stipulates, represents, and warrants that Tenant has examined the premises and they are at the time of the lease in good order, and in safe, clean, and tenantable condition.
- Upon the execution of this Arkansas Lease Agreement, Tenant shall deposit with the Landlord, the sum of Five Thousand Dollars ($ 5,000) payable on the first day of each month of the term in equal installments of Five Thousand Dollars Dollars ($ 5,000).
- The Premises shall be used and occupied by the Tenant and the Tenant’s immediate family consisting of 5 members, exclusively as a private single family dwelling.
- Tenant shall not assign or sublet this Arkansas Lease Agreement or grant any license for the use of Premises without prior written consent from the Landlord.
Landlord leases to Tenant and the Tenant leases from the Landlord the above mentioned Premises together with any appurtenances thereto, for a term of 24 months / 2 years such term beginning on 10 November 2011.
SIGNED FOR AND ON BEHALF OF LANDLORD BY:
SIGNED FOR AND ON BEHALF OF TENANT BY: