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North Carolina Lease Agreements Template PDF Free Download
North Carolina Lease Agreements
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 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.
Required Disclosures
Lead-Based Paint Disclosure –
Federal law requires all landlords and managers of residential units constructed prior to 1978 to fit their tenants with this disclosure document.
Must be signed by every mentioned lessee in the rental contract.
Security Deposit Receipt (§ 42-50) –
If the landlord elects to obtain a security deposit from the tenant, they will be obligated, within thirty (30) days of receiving, to provide the name and address of the financial institution of where it’s being held.
Furthermore, it must be located in a trust account in a licensed financial institution located in North Carolina.
As an alternative, the landlord may furnish a bond for the security deposit amount from an insurance company licensed to conduct business in the State.
Laws
Chapter 42 (Landlord and Tenant)
Legal Aid of North Carolina – Landlord/Tenant Law
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 per cent (5%) of the rent for that period, whichever is greater.
If rent is paid weekly, the maximum amount is four dollars ($4) or five per cent (5%) of the rent, whichever is greater.
Rent Increase Notice – No statute.
Security Deposits
Maximum Amount ($) (§ 42-51(b)) –
Two (2) month’s 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) month’s 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.
| Author | – |
| Language | English |
| No. of Pages | 11 |
| PDF Size | 2 MB |
| Category | Form |
| Source/Credits | eforms.com |
North Carolina Lease Agreements Template PDF Free Download