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. 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. 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. A North Carolina lease is a contract that allows a tenant to lease a landlord`s commercial or residential space in exchange for regular payments. Most leases have a term of one (1) year, with rent paid monthly. However, the payment schedule and the duration of the contract can be adapted to the preferences of both parties. However, if the landlord and tenant opt for a monthly or weekly agreement (called an “all-you-can-eat” tenancy), the tenant does not have the same rights as an annual tenant and may be asked to leave the property with only seven (7) days` notice. 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. If an owner decides to charge an amount triggered by late payment of the rental, this must be stated in the rental agreement in order to be legally obliged to do so.

The limit on the amount that can be applied by a landlord is the higher of $15 or 5% on rent payments each month or $4 or 5% on rent payments due each week (§ 42-46). Monthly Rental – Manifests a contract that indicates a fixed-term lease with a preference for possible early termination with seven (7) days` notice in advance. Deposit (§ 42-50) – If the landlord chooses to receive a deposit from the tenant, he is required to provide information within thirty (30) days about where it will be kept. In addition, it must be in a licensed escrow account with a financial institution in North Carolina, or the owner may provide a security deposit equal to the amount of an insurance company authorized to operate in the state. Lead paint – If the apartment was built before 1978, the landlord is required to inform the tenant of this type of paint, which may be on the premises. Sublease – Tenants can use this contract to lease some or all of the rental space to a subtenant. Monthly lease – Also called an “all-you-can-eat” lease, the tenant renews this lease with each monthly payment. Tenants are required to compensate the tenant with the amount agreed on the date specified in the lease. Rent received more than five (5) days after the due date exceeds the allotted grace period and may be associated with late fees (§ 42-46). The limit imposed by the state government on the amount a landlord can prescribe to secure the property for occupancy is different for each category of contract (§ 42-51): Rental Application – Used for verification purposes on behalf of the landlord to check the tenant`s background, work and previous information of the rental history. Subletting – Refers to details where a current tenant offers another person a residential rental agreement. 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.

Service Animal Addendum (Form 443-T) – For tenants who own a pet classified as a “service animal”, the landlord may provide a copy of this form to get more details about the creature and provide certain clauses that protect them and their property. 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. 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. Association of Realtors Version (Form 410-T) – The state brokerage group has developed its own version of the residential lease that can be used by landlords and tenants participating in a rental transaction. The monthly lease in North Carolina is a rental form used by landlords and tenants looking for a lease with no predetermined end date. When the landlord welcomes a new tenant, they must be careful, as the same landlord-tenant laws that apply to monthly contracts apply to standard one-year contracts.

Therefore, there is the same possible risk of eviction, and the owner must take the same precautions before entering into a binding contract, such as. B the. 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. .