If you are looking at a rental agreement for the first time, you will notice a lot of terms that you do not understand. Don’t worry: we will explain them for you below, in alphabetical order:
- Arrears – this term means that you are behind in payments, either for rent or for utilities (if the landlord manages payments). Please note that the landlord will likely charge penalties for late payments.
- Eviction – this is a formal process through which a landlord terminates your rental agreement for serious breach of rules. Once the formalities are complete, the landlord has the right to have you removed from the rental apartment.
- First Refusal Right – this is the tenant’s right to extend the rental period at the same price and in the same conditions, before the property is publicly advertised for rent.
- Lien – it represents the landlord’s right to keep your possessions (furniture, electronics, appliances, etc.) until you pay a debt. Please note that it is illegal to enter the property and remove those items, even though they belong to you, until the lien is lifted.
- Security Deposit – it represents an amount, supplementary to the first rent, which the tenant must pay to the landlord as a proactive means of covering for damages caused to the property. At the end of the rental period, the landlord will inspect the apartment, assess damages, and retain the amount necessary to repair these damages, returning the difference (if any) to the tenant.
It’s good to note, that there are wonderful furnished apartments Bentonville AR lease options available, with some of the best terms available.