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A North Carolina lease agreement is a contract that permits a tenant to rent a property owner’s commercial or residential space in exchange for periodic payments. The majority of leases have a one (1) year term with rent paid on a monthly basis. However, the payment schedule and the length of the contract can be modified to fit both parties’ preferences. That being said, if the landlord and tenant opt for a monthly or weekly agreement (called an “at-will” tenancy), the tenant will not have the same rights as an annual tenant and can be ordered to vacate the property with only seven (7) days’ notice.
Rental Application – If the landlord decides to screen potential tenants by checking their references and credit history, they can have applicants fill out and sign this form to obtain their information.
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Agreements: By Type (6)
Commercial Lease Agreement – This contract is used for the rental of commercial property by an individual or business.
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Rent-to-Own Agreement (Lease Option) – A contract that outlines the rental terms for a piece of property while providing purchasing options to the tenant.
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Month-to-Month Lease Agreement – Also known as an “at-will” rental agreement, the tenant renews this lease with each monthly payment.
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Roommate Agreement – This document outlines the terms by which roommates agree to divide rent, utilities, and chores.
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Standard (1-year) Lease Agreement – A standard residential lease is a rental agreement that lasts for one (1) year and often gives the tenant the opportunity to renew at the end of the term.
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Sublease Agreement – Tenants can use this contract to rent out part, or all, of their rental space to a subtenant.
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Disclosures (3) |
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If the landlord wishes to charge the tenant any fees when rent is late, the fees must be stated in the lease agreement to be enforceable. Furthermore, the fees must conform to state restrictions.
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2) Lead-Based Paint Disclosure Used to notify tenants of the presence of lead-based paint on the premises of pre-1978 housing.
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3) Security Deposit Disclosure If the tenant is required to pay a security deposit, the landlord must, within thirty (30) days of the start of the lease, disclose to the tenant the name and address of the financial institution where the security deposit is stored. If the deposit is maintained as a bond, the landlord must instead provide the name of the insurance company that provided the bond.
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Landlord-Tenant Laws
Landlord’s Access
General Access – No statute.
Emergency Access – No statute.
Rent
Grace Period (§ 42-46(a)) – Five (5) days must pass before the landlord can charge fees for unpaid rent.
Maximum Fees ($) (§ 42-46(a)(1) and (2)) – The most that a landlord can charge tenants for late fees is fifteen dollars ($15) or five percent (5%) of the rent for that period, whichever is greater. If rent is paid weekly, the maximum amount is four dollars ($4) or five percent (5%) of the rent, whichever is greater.
Rent Increase Notice – No statute.
Security Deposits
Maximum Amount ($) (§ 42-51(b)) – Two (2) months’ rent is the most that landlords can charge for security deposits on a standard lease. For month-to-month tenancies, one and a half (1.5) months’ rent is the maximum amount.
Returning to Tenant (§ 42-52) – After the termination of their tenancy, security deposits must be given back to the tenant within thirty (30) days.
Interest Required? – No statute.
Separate Bank Account? (§ 42-50) – Yes, the landlord must keep the security deposit in a trust account or furnish a bond from a state-licensed insurance company.