Are you a new landlord or rental property owner? Does the task of creating a lease agreement seem daunting? Don't despair!
We understand the importance of drawing up a professional rental agreement. This legally binding contract protects you from future liability and sets the tone for your relationship with your tenant.
In this article, we'll provide you with a short guide to help you build a lease agreement that will safeguard you and your rental business!
Lease agreements or contracts are legal documents between a landlord and a tenant that detail the terms of a commercial or residential property lease. The agreement includes information about the lease term, utility arrangements, and more.
There are several types of lease agreements, including the following:
- Arkansas commercial lease agreement
- Roommate rental contract
- Standard residential lease agreement
- Rent-to-own contract
- Arkansas sublease agreement
- Month-to-month contract
However, for the purpose of this article, we will be discussing the Arkansas residential lease agreement.
What to Include
According to state laws, there are certain elements that you'll have to add to your rental contract. They are:
- The landlord's name and address. This is important for the issue of legal notices.
- Rent payment. Your rental agreement must include the monthly rent and when the rent is due each month.
- Late fees. Landlords must also provide information about fees charged for late-payments and bounced checks. According to Arkansas law, there are no restrictions on the fees that landlords can charge.
- Security deposit. You must also include details about security deposits. Maximum amounts apply in Arkansas, and landlords may not charge more than two months' rent.
- Lease termination. The tenant should also have information about the termination of the contract.
- The eviction process. Arkansas lease agreements must also include the terms for eviction.
The relevant property details, health, and safety information are outlined in disclosures, which differ by state. If an Arkansas landlord fails to make the federal or state-mandated declarations to a tenant, they may face legal action or hefty fines.
While there are no state-mandated disclosures, all landlords in the United States must include lead-based paint disclosures according to federal law.
Lead-based Paint Disclosure
If your rental property was constructed before 1978, you must alert new tenants to possible exposure to this hazardous substance. You will need to complete a disclosure form and provide the tenant with a government-issued pamphlet explaining the dangers of exposure to this paint.
Suppose a landlord fails to disclose a lead-based paint hazard. In that case, he or she can be fined up to $18,364!
Other Disclosures to Include
Although these disclosures are not mandatory, we recommend including them if they apply to safeguard yourself against liability if something goes wrong. Here are some of the option disclosures you can add to your Arkansas lease agreement:
- Mold and asbestos
- Bed bugs
- Move-in checklist (this is essentially a condition of property declaration)
- Utility arrangements
- The use of medical marijuana
Build a Lease
If you're hoping to create a professional agreement for your rented property, there are several options you can choose.
You could download a free form to print out and complete or a free Arkansas rental agreement builder. However, most landlords find these options to be incredibly limiting and time-consuming.
Fortunately, DoorLoop can help! This innovative software solution was designed to help landlords take care of mundane tasks like entering personal details into a lease agreement quickly and easily.
What Is DoorLoop?
DoorLoop was created in response to a growing need for a platform to help manage rental businesses. You can use the software to run background checks, create professional leases, and track rental payments on one intuitive platform.
To see it at work for yourself, schedule a free demo.
Drawing up an Arkansas rental lease doesn't have to be a challenge! Using this guide and DoorLoop's automation software, you can enjoy a healthy relationship with your Arkansas tenants.
Do Arkansas lease agreements have to be notarized?
No, you do not need to have your rental document notarized. A lease is only considered legally binding when both parties sign the document. If you want to have it notarized, you can. Licensed attorneys and banks offer this service.
When must I return my tenant's security deposit?
Within 60 days after the lease has been terminated or the tenant has left the rental unit, the landlord must return the security deposit and a description of any deductions. Suppose the landlord cannot find the tenant within 180 days after the termination of the contract. In that case, the money becomes the landlord's property.
Can a tenant keep me out of my rental property?
According to rental laws, tenants may not keep landlords off the rented property without a valid reason.