Property Management
In North Carolina, a security deposit for a residential unit may not exceed:
AOne month's rent for month-to-month tenancies; two months for fixed-term leases✓ Correct
BTwo months' rent for month-to-month tenancies; three months for fixed-term leases
CThree months' rent regardless of lease type
DThere is no limit
Explanation
Under the NC Tenant Security Deposit Act, the maximum security deposit is one month's rent for week-to-week and month-to-month tenancies and two months' rent for longer fixed-term leases.
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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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