North Carolina Rider to Rules and Regulations for Lease of Apartment
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FAQ
A North Carolina standard residential lease agreement is a fixed-term rental contract between a landlord and tenant. The tenant will pay rent on a monthly basis to the landlord to use the residential space until the end date stated in the lease.
Consideration ? Consideration, in legal contracts, refers to an exchange of value. For a lease agreement, consideration is made in the form of rental payments.
*To be valid, a lease must meet the same essential elements as any other contract: capacity to contract, legal objective, offer and acceptance, and consideration.
California's Statute of Frauds requires a lease to be in writing if it either: 1. has a term longer than one year; or 2. has a term less than one year which expires more than one year after the agreement is reached. actually be maintained for thirteen months.
At the very least, a commercial lease should identify the parties to the lease, state who is the landlord and who is the tenant, give the address of the property, and include the amount of the rent. It should also include a start date and an allocation of any other costs. Both parties should sign the lease.
For month-to-month leases, there must be seven days of notice. For year-to-year leases or those with other definite terms, landlords must notify the tenant, or vice versa, within a month of the end of the lease. On leases lasting between one week and one month, notice must be given at least two days in advance.
The North Carolina Office of Administrative Hearings and the Fair Housing Act prohibit landlords from discriminating against potential tenants because of their race, religion, familial status, sex, gender, etc.
A valid business lease will include the time period of the contract, information regarding how to renew the lease, and specific provisions on how either party may be able to stop the lease early.