Property Management
Under NC's Tenant Security Deposit Act, a landlord may NOT deduct from the security deposit for:
ACost of cleaning a unit the tenant left filthy
BCosts caused by the tenant's negligence
CProperty tax increases during the tenancy✓ Correct
DCosts to re-rent after the tenant breaks the lease
Explanation
Security deposits may be used for unpaid rent, damage beyond normal wear and tear, cleaning costs, re-letting costs after lease breach, and similar tenant-caused costs. Property tax increases are the landlord's responsibility and cannot be deducted from the security deposit.
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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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