A North Carolina standard lease agreement is a legally binding contract between a landlord and tenant that outlines the terms and conditions of a rental arrangement.
The lease agreement typically lasts for one year and includes details such as the monthly rent amount, security deposit, pet and vehicle fees, and utility costs. Once both parties have signed the lease, they are obligated to abide by its terms until the end of the lease term.
Considerations on Lease Length
- It is possible to have a lease for any length of time as long as the duration of the lease is clearly specified and agreed upon in writing by both the landlord and tenant.
- Oral leases are usually limited to a term of no more than one year.
- Maximum Amount ($):
- Two weeks’ rent for week-to-week tenancies,
- One and a half months’ rent for month-to-month tenancies
- Two months’ rent for tenancies with terms greater than month-to-month. (§ 42-51(b))
- Returning to Tenant: 3o days. (§ 42-52)
Rent Grace Period
Tenants have a grace period of five days to pay their rent. (§ 42-46(a))