The North Carolina residential lease agreement is widely used to sign contracts between parties. However, the agreement has specific uses and the parties require it according to their needs. There are certain things that are must to include in the agreement.
Keep reading to know the details about the uses of this agreement, further what must be included in the agreement.
What Is a North Carolina Residential Lease Agreement?
A North Carolina residential lease agreement is a contract which two parties sign with mutual understanding. This is an agreement that a landlord and tenant signs when renting a property in exchange for money.
An NC residential lease agreement comprises the terms and conditions that the lessor and a lessee agree upon. These terms include rent payment, security deposit, notice requirements, utilities, and many others.
Generally, a landlord verifies a tenant before renting out his property. The landlord has the right to obtain information about a tenant before renting. This information includes previous landlords and renting details, job details, and tax information.
The North Carolina residential lease agreement differs from the North Carolina rental agreement. This difference is in the period for which both remain valid. The North Carolina rental agreement is generally based on a monthly duration. This rental agreement renews every month until one of the involved parties terminates it.
While the North Carolina residential lease agreement has a set duration. It has a decided starting date and a termination date. The North Carolina residential lease agreement generally has a duration of 12 months.
Upon reaching the 12 months’ validity, the terms and conditions along with the lease become invalid. However, the parties involved can go for a lease renewal.
Who Needs a North Carolina Residential Lease Agreement?
A North Carolina residential lease agreement is a legal document that anyone wanting to rent out their property needs. Similarly, for anyone wanting to rent a real estate from a landlord needs a North Carolina residential lease agreement.
It is a binding contract that restricts both the landlord and the tenant to certain rules and regulations. However, these rules are decided and imposed by state law.
Moreover, a residential property owner preferring a long term contract instead of a monthly deal can need a lease agreement. Likewise, a tenant who likes to have terms set for a longer duration instead of renewing monthly prefers lease.
The state law of NC allows the landlord to verify the tenant before renting the property. For this purpose, a landlord needs a rental application as part of the lease agreement.
What You Can Use a North Carolina Residential Lease Agreement for?
A North Carolina residential lease agreement maintains a relationship between a lessor and a lessee. Further, the NC residential lease agreement finds its use for residential purposes as opposed to commercial purposes.
A residential property-owner uses this agreement whenever he wishes to rent out his property/a portion of his property to a tenant. It can be a building, an apartment, or a unit.
The North Carolina residential lease agreement sets terms and conditions between the parties involved. The landlord and the tenant agree upon certain things including the sharing of utilities.
In addition to settling terms between the concerned parties, a major purpose of using the NC lease agreement is a long term contract. With the lease agreement, parties can sign terms for a year. As a result, this saves both the tenant and the landlord the hassle of renewing the deal every month.
What Are Included in a North Carolina Residential Lease Agreement?
The standard North Carolina residential agreement is the most common residential lease that people use in NC. The things that are important to include in an NC residential lease agreement are:
The signed NC residential lease agreement must incorporate complete contact information of both the landlord as well as the tenant. This includes the legal name and addresses of both parties.
Moreover, the lease must include the name and age of each person who is expected to live in the unit. The lease agreement also includes the registered address of the building that is leased.
The lease agreement includes the details regarding the sharing of the utilities. It addresses for which utility the landlord has to pay and which utility is the tenant’s responsibility. In case, the parties opt for sharing the utilities, the lease states how will they share them.
If the utilities like water and sewer have a sub-meter system, the landlord must state the contact details of these service providers.
The lease agreement includes details about the rent payment. It states the decided amount, the date on which payment is due monthly, as well as, the method of payment.
The lease also addresses any advance rent that the landlord may demand. Moreover, the lease includes any additional fee that the landlord may charge for late rent payment or check-bounce.
A section of the lease agreement states the security deposit amount that a landlord may demand. Importantly, it also includes the time limit for the landlord to return the security deposit.
Moreover, the pet deposit amount that the landlord may charge the tenants with pets is included. This section of the agreement also includes bank details where the landlord submits the deposit amount.
The document clearly states the start date and the end date for the lease agreement. In addition to this, the lease agreement also mentions the date when the tenant can move in.
Other things to include:
The other things that are important to include in the lease agreement are:
- Allowance for smoking and other drugs
- Extra fee for replacement keys
- Restrictions and regulations for pets
The North Carolina residential lease agreement binds the deal between the landlord and the tenant. However, people mostly prefer lease agreements for their long term contracts.
An NC residential lease agreement includes the rent payment terms, sharing of utilities, and contact information of both parties involved. Further, it includes the details of the security deposit as well as different permissions from the landlord.
CocoSign has made it easy to access the templates for the North Carolina residential lease agreement. In addition to this, CocoSign has many other templates to offer on its website too.
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