Property Management
A 'management fee' for a NC residential property manager is typically calculated as:
AA flat fee regardless of occupancy
BA percentage of collected rents✓ Correct
CA percentage of the property's market value
DA flat fee plus hourly labor charges
Explanation
Residential property management fees in NC are typically calculated as a percentage of collected rents (commonly 8-12%), incentivizing the manager to keep the property occupied and rents collected.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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