The landlord is required to itemize any damage incurred during the rental period and mail or deliver the balance of the security deposit to the tenant within 30 days after lease termination. NC 42-52 states that security deposits must be refunded to the tenant upon termination of the lease. How long does the landlord have to return the security deposit after move out? The landlord must notify the tenant of the name and address of the bank or financial institution where the security deposit is located within 30 days of the beginning of the lease term. The landlord can hold security deposits in a trust account outside of North Carolina only if the landlord provides the tenant with an adequate bond in the amount of the deposits. The landlord may also furnish a bond from an insurance company licensed to do business in North Carolina. Per NC 42-51(b), the security deposit collected from the tenant should not exceed two weeks’ rent if the rental term is week-to-week, should not exceed 1.5 months’ rent if the rental agreement is month-to-month and should not be greater than two months’ rent if the rental terms are greater than month-to-month.ĭoes the landlord have to hold the security deposit in a specific way during occupancy?Īccording to NC 42-50, the security deposit is held in a trust account with a licensed and federally insured financial institution (bank). Is there a limit on the security deposit amount that can be charged? The only other move-in fees allowed are pet deposits, which should be “reasonable and nonrefundable,” according to NC 42-53. North Carolina doesn’t have a state law that limits application fees, but local or county ordinances may apply. What rental application fees are allowed? North Carolina’s Fair Housing Act ( 41A) protects tenants against discrimination by the landlord or property manager on the basis of race, color, religion, sex, national origin, handicapping condition or familial status. Property Management Laws Overview in North CarolinaĪre there laws that protect tenants against discrimination? Consult a local attorney to obtain information that pertains to your specific location and situation. Local county and city laws may exist that are not discussed in this guide. This guide is based only on property management laws at the state level. To obtain information regarding property management laws in your state, consult a local attorney. The contents within do not constitute legal advice. Note: This guide is intended to be used as an educational resource. 4 North Carolina does not have licensing reciprocity with other states, so property managers who hold real estate licenses from other states need to obtain an NC-specific real estate broker’s license.3 Property owners and investors should consider hiring a professional property management company to help them find renters and ensure all state regulations are followed. These limited activities include showing units to prospective tenants and accepting applications, security deposits and rent payable to the property owner.
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