The Arkansas Standard Residential Lease Agreement is for a person seeking to occupy an apartment or home for a one (1) year term. The person looking to occupy the property is referred to as the “tenant”, and the person to entity that owns the property is referred to as the “landlord”.
It is highly recommended that the landlords seek a Security Deposit from the tenant to protect themselves in the chance that any damage is inflicted on the property. Under Arkansas Law, the landlord is able to collect up to two (2) months’ that must be returned within sixty (60) days after the end date.
If the landlord decides not to collect a Security Deposit, the potential tenant should complete the rental application that will verify their rental history along their employment and banking information.
In order for the tenant to protect their Security Deposit from being mistakenly deducted at the time of the lease ending, should use the Move-in Checklist to make sure that any and all damage or maintenance needed is make down prior to tenancy. This form should be signed by both landlord and tenant to verify preexisting repairs that may be needed.