The North Carolina Eviction Notice must be used by a landlord if a tenant does not pay rent on time. The landlord issues this form to give the tenant up to ten (10) days to leave the property or pay the overdue amount which, once paid, continues the lease as if nothing had happened. The tenant should note that if he decides to leave, it does not mean that he is free to pay the amount. At the end of the rental period, the deposit must be given to the tenant within thirty (30) days at a specified forwarding address. In cases where there is damage to the property, unpaid rent/utilities or breach of contract, the landlord has sixty (60) days to refund the deposit and an individual account (§ 42-52). Late fees in North Carolina must be specified in the lease to be enforceable, including the amount of the fee and the date it is set. For monthly payments, the maximum late fee is $15, or 5% of the rent. For weekly payments, the fee must not exceed the higher amount of $4 or 5% of the weekly rent. Standard Lease (1 Year) – A Standard Residential Lease is a lease that lasts one (1) year and often gives the tenant the opportunity to renew at the end of the term.
This section of the lease describes the obligations of the landlord and tenant, situations of domestic violence, reprisal or disclosure of notice. The North Carolina lease should state that the maximum deposit should not exceed two weeks for weekly rentals, 1.5 months for monthly rentals, and 2 months` rent for rentals longer than one month. Maximum amount ($) (§ 42-51 (b)) – Two (2) months` rent is the maximum landlords can charge for deposits in a standard lease. For monthly rentals, one and a half months (1.5) of rent is the maximum amount. The North Carolina lease represents a sketched agreement between a lessor and a tenant regarding the use of residential or commercial space for a defined period of time and a specific payment plan. The paper register assigns the details of the agreement in writing, including name, contact details, address of the property, monthly payment, general rental conditions. The agreement serves to protect the parties involved, as the failure of a provision could lead to a possible breach of contract. Commercial Lease Agreement – Summarizes the terms, duration and price of leasing real estate for a commercial entity intended solely for use by the Company. The North Carolina rental application is a document used to verify a tenant who is interested in signing a legally binding lease. The main point of interest for the landlord is the tenant`s financial information, specifically their employment and credit history, as well as their banking information (including account numbers).
The landlord should also ask for references from former owners/managers to see if they paid on time when renting. After approval, the owner will draft a rental agreement and. Rental Application – A tool assigned by the owner or management of a rental property to people who wish to rent the premises, which allows them to retrieve certain data that may be useful in assessing the potential client. LATE PAYMENT FEES. If the rent is not paid by the due date specified in this rental agreement, a late fee of ____% or $___ will be applied to the balance. Deposit Location (§ 42-50) – The State of North Carolina requires any landlord who requires a security deposit for a lease to provide information about where the money is to be kept. The financial institution where the owner decides to deposit must be insured by the federal government. The State shall give thirty (30) days from the beginning of the contract to provide the exact name and address of the bank or insurance company. Fees (§ 42-46) – The landlord may charge the tenant for all costs associated with a possible eviction by indicating in the lease that there are fees to file a complaint, appear in court and all disputes.
Leases in North Carolina are used by owners of residential and commercial properties who wish to rent to a tenant in exchange for monthly payments. The landlord will usually check if the tenant is qualified to occupy the space by completing a rental application that shows their credit and history. In addition, the landlord can view all employment references, previous tax returns, and previous landlords who had experience with the tenant. Once approved, the parties can sign the lease to bind each other to its terms. The limit prescribed by the state government for the amount that an owner may prescribe to secure the property for the occupation of the property differs for each category of contract (§ 42-51): Sublease agreement – An act of a tenant that allows another person to use his property on the property until the end of its term. Before you find a rental unit in North Carolina, launch those rental units, and fill out an online lease form, do you take the time to understand the applicable rental laws? It is important to familiarize yourself with the nuances and specific requirements of North Carolina law in order to best protect your financial and legal interests. This way, your lease will be much more comprehensive and avoid potential problems and legal problems in the future. Maintenance Addendum (Form 440-T) – Added to the content of a lease to further clarify the tenant`s maintenance responsibilities. If the landlord wants to charge the tenant a fee if the rent is late, the fee must be specified in the lease to be enforceable.
In addition, fees must comply with government restrictions. Landlords must notify a tenant of the name and location of the financial institution with which the deposit will be filed within thirty (30) days of the start of the lease. (NCGS § 42-50) The North Carolina sublease agreement is a form that allows a tenant to rent their leased space to a subtenant. The tenant usually needs to make a formal request for permission from the landlord to sublet, as most standard leases do not allow for this type of agreement. The tenant has two (2) options to choose from when deciding how to sublet: he can rent the entire space (common for students and students while they return home. Monthly lease – Also called an «all-you-can-eat» lease, the tenant renews this lease with each monthly payment. Standard Lease – Forms a detailed statement to enter the terms and arrangements associated with renting a room for a certain amount of time and money. The termination of fixed-term leases in North Carolina is not governed by any regulations.
Nevertheless, no termination is required, as the lease expires at some point. Subletting – Refers to details where a current tenant offers another person a residential rental agreement. .