This form is used when Optionor grants and assigns the exclusive right and option, but not the obligation, to lease all or a portion of the Option Lands under the identical terms and conditions to purchase an Oil and Gas Lease on Lessor's undivided mineral interest in and under the lands covered in this lease.
Arkansas Option to Lease
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Multi-State
Control #:
US-OG-684
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Word;
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FAQ
An Arkansas month-to-month lease agreement is a document that allows either the landlord or tenant to terminate the agreement with thirty (30) days' notice. The length of the lease has no end date unless notice is provided by one (1) of the parties.
?A lease option is a contract in which a landlord and tenant agree that, at the end of a specified period, the renter can buy the property at a specified price. The tenant pays an up-front option fee and an additional amount each month that goes toward the eventual down payment.?
In Arkansas, a landlord may give notice of lease termination for any reason. Even model tenants may be subject to having a lease terminated. The landlord must give one rental period's notice for an oral lease, or provide notice ing to the terms of a written lease.
Landlords must give the tenant their property as it currently is. Generally, landlords are not responsible for making any kind of repairs, unless it's stated in the lease agreements. It's important to note that an Arkansas tenant may not pursue legal action if their repair request doesn't get honored.
Unlawful Detainer Method (civil eviction): When an Arkansas tenant fails to pay rent on the due date, the landlord must wait five days. If the rent isn't paid within five days of the due date, the landlord has the right to terminate the tenancy by giving the tenant an unconditional notice to quit (move out).
The renter has a chance to buy a property in the future at today's prices. If the renter doesn't have the money saved today to buy the home but is worried the home's value will increase in the next few years, the lease option is a good choice.
Landlord's may terminate a tenancy early for the following reasons: There is a noncompliance by the tenant with the agreement that is not remedied within 14 days, per Ark. Code § 18-17-701(a)(1); Rent is unpaid when due, and the tenant fails to pay rent within five days from the date due, per Ark.
Arkansas Renters' Rights and Landlord Responsibilities Raising Rent: Landlords in Arkansas may increase the rent to any amount with no notice or justification as long as it is not for discriminatory reasons.