An Arkansas residential lease agreement made between a landlord and tenant allows the renting of property in exchange for monthly rent. A residential lease agreement is typically a twelve (12) month arrangement but, in certain cases, it can be less or more than a year. After being verified through an application, the lessee will be subject to paying deposits and rent upfront (depending on his or her credit report) and will be given access to the property.
Maximum Amount ($) – Cannot exceed two (2) months’ periodic rent (§ 18-16-304).
Returning – The deposit must be returned within sixty (60) days of the termination of the tenancy; however, the money becomes the landlord’s property if they are unable to locate the tenant one hundred eighty (180) days after payment was mailed (§ 18-16-305).
No required State disclosures.
Lead-Based Paint – By federal law, this disclosure must be completed and signed if the property was constructed before January 1, 1978.
Arkansas statutes have implemented a five (5) day grace period. Tenants have five days after the rent due date to make the payment, after which, the landlord can terminate the agreement (§ 18-17-701).
