- What is a Lease in North Carolina
- Types of North Carolina Lease Agreements
- North Carolina Lease Addendums and Disclosures
- North Carolina Lease Agreement Laws
- North Carolina Residential Lease Agreement Sample
- FAQs About North Carolina Lease Agreement
North Carolina Lease Agreement
What is a Lease in North Carolina
A North Carolina lease agreement is used to establish the terms and conditions that a landlord and tenant must follow in regard to a rental property. It is written in a way that complies with the laws of the state in which the property is located.
The following information should be included in a North Carolina lease agreement.
Period of time in which the tenant can occupy the property
Amount of rent that should be paid
Details about security deposits
Frequency of rental payments
Information about additional costs
Usage terms of the property
Eviction terms and procedures
Types of North Carolina Lease Agreements
There’s more than one type of lease agreement in North Carolina and selecting the correct one can be crucial. Each kind refers to a different type of property and/or rental situation. Therefore, you must create the right class of document, in order for your lease agreement to cover all the necessary terms.
The most common types of lease agreements in North Carolina include:
Standard residential lease agreements: Both the landlord and tenant commit to a fixed set of terms for a set period of time.
Rent-to-own lease agreements: Designed for tenants that wish to buy the property they are renting during or after the lease has ended. This typically requires the tenants to pay an additional sum of money each month, to cover the principal costs.
Month-to-month rental agreements: The same general terms as a standard residential lease contract, but they can be renewed, altered, or ended on a month-by-month basis.
Commercial lease agreements: Provided by landlords of retail property to tenants that will use the real estate to manage a business.
Room rental agreements: Used for rooms within properties that have shared living areas.
Sublease Agreement: A North Carolina sublease agreement allows tenants to reassign or ‘sublease’ the property to another individual. This requires the property landlord’s permission and must be specifically allowed in the original lease.
North Carolina Lease Addendums and Disclosures
Lease agreements need to include certain disclosures and addendums. These can vary significantly depending on the state in which the property is located. The following overview contains all the essential addendums for North Carolina lease agreements:
These essential addendums include the following:
|Disclosure/Addendum||Information That Must Be Disclosed|
|Lead paint disclosure||Details whether or not lead paint can be found on the premises (if the building was constructed before 1978).|
|Security deposit holding disclosure||Section with the security deposit regulations of North Carolina.|
North Carolina Lease Agreement Laws
North Carolina lease agreements must be written according to the laws of NC state, to ensure that they are legally binding and hold up in court. These regulations will determine what terms you must include in the contract.
The most relevant laws to take into consideration when renting a property in North Carolina are:
Security deposits: North Carolina landlords may charge no more than two months’ rent for fixed-term leases and a maximum of 1 months’ rent for month-to-month tenancies. This must be returned to the tenant within 30 days of vacating the property and returning the keys. Landlords may also provide a written notice extending this a further 30 days if repair estimates need to be made.
Landlord’s right to enter: Landlords can enter the rental property without giving advance notice. However, it is recommended to give at least 24 hour’s notice to the tenant as a courtesy.
North Carolina Residential Lease Agreement Sample
Before beginning the process of creating a residential lease agreement in North Carolina it is sensible to review an example document first. Use our North Carolina lease agreement sample below to find out more about the structure and contents of a fully-fledged rental contract.
FAQs About North Carolina Lease Agreement
It is important to carefully prepare a North Carolina lease agreement to suit the needs of the landlord and tenant exactly. To help demystify the process a little simply review our FAQs below to learn more about the specificities of rental contracts in North Carolina.
How to Get a Lease Agreement in North Carolina?
It is possible to create a North Carolina lease agreement completely online. Using our residential lease agreement maker you can tailor your document for your specific needs and take advantage of professional templates and expert tips.
How to Write an NC Lease Termination Letter?
If either the landlord or tenant for any reason needs to terminate a North Carolina lease agreement early, they must provide the correct amount of notice in a written NC lease termination letter.
This letter needs to contain the following information:
The name of the landlord and the tenant
The date the letter has been written and signed
The name and address of the property in question
Information explaining why the tenancy needs to be terminated early
The reason the lease is being broken
The date that the resident will vacate the property
Acknowledgment of any penalties that will be incurred
Signature of the signing party
What Are the Advantages of a Written Lease?
It’s important to have a written North Carolina lease agreement in operation whether you are a landlord or a tenant. There are many advantages to having a formal contract for a rental property such as the right to recourse if the terms are violated and the protection of important legal rights for rental property owners and residents.