The agreement by which one party holds possession of the real property owned by another is a lease. The person who owns the real property is known as the lessor or landlord. The lessee, or tenant, is the one who occupies the property.
The relationship of landlord and tenant is created by contract. An oral lease is valid at common law, but statutes in most States require written leases for certain tenancies. Many States provide that a lease for a term exceeding three years must be in writing. Statutes in other States require written leases when the term exceeds one year.
The following elements are necessary to the establishment of the relationship of landlord and tenant:
" The occupying of the land must be with the consent of the landlord.
" A reversionary interest in the land must remain in the landlord. That is, the landlord must be entitled to retake the possession of the land upon the expiration of the lease.
" The tenant must have present possession in the land. This means a right to be in possession of the land now.
Title: Arkansas Lease or Rental of Vacant Property or Lot with Lessee's Right to Construct Improvements Keywords: Arkansas lease, rental agreement, vacant property, lot, lessee, construct improvements, rights, types Introduction: The Arkansas Lease or Rental of Vacant Property or Lot with Lessee to have the right to Construct Improvements is a legal agreement that allows the lessee or tenant to lease a vacant property or lot in the state of Arkansas to construct improvements. This detailed description will outline the key elements and features of this lease or rental agreement, along with any different types that may exist. Key Elements of the Arkansas Lease or Rental Agreement: 1. Parties Involved: — Lessor/landlord: The owner of the vacant property or lot. — Lessee/tenant: The individual or entity leasing the property with the right to construct improvements. 2. Vacant Property or Lot Description: — The agreement should clearly identify the location, boundaries, and dimensions of the vacant property or lot. — Any special features or restrictions relating to the property, such as zoning regulations or utility access, should also be mentioned. 3. Lease Term and Rent: — The lease duration should be stated, specifying the start and end dates of the agreement. — The monthly/annual rent amount, due dates, and acceptable payment methods should be clearly defined. 4. Right to Construct Improvements: — This agreement explicitly grants the lessee the right to construct improvements on the leased property. — Improvement details should be clearly outlined, including construction timeline, specifications, and any required permits or licenses. 5. Maintenance and Repairs: — Responsibilities for property maintenance, repairs, and general upkeep should be specified. — Both parties' obligations regarding repairs, alterations, and improvements need to be clearly defined. 6. Insurance and Indemnification: — The agreement should outline insurance requirements for both parties, incl.
