If you are planning to invest in North Carolina real estate then it is vital that you have an understanding of the legal system behind it. In fact, legal knowledge has become doubly important once you consider how tricky the market has become in recent years.
Real Estate Laws
Real estate law is a multifaceted field. There is also the fact that there are numerous laws in North Carolina pertaining to matters of real estate. Presented below are some of the basic real estate law categories:
- Rental Agreement Laws – These laws mostly focus on the dynamics of the tenant-landlord relationship. They present the rights and responsibilities both parties must uphold. In particular, these laws outline the specific contract provisions allowed in rental and lease agreements. For instance, according to the law, landlords can only charge up to two months’ worth of rent for their tenant’s security deposit. It is also specified that the landlord must give back the deposit within 30 days after the contract has expired without issue.
- Homestead Laws – These laws provide the necessary protection for homeowners. It does so by providing the specific grounds which allow homeowners to remain in their homes despite threats of foreclosure and eviction.
This article provides readers with an initial look at the state’s various real estate laws. With all the sharks roaming around the market today, you can never know when your legal savvy might come in handy.