For many property managers or landlords, security deposits act as a fail proof way to protect their real estate investment against poorly behaved tenants and any accidents that may occur while they are living in the property.
Did you know that North Carolina law governs the amount of tenant security deposits, how and where they must be held, and how/when the money can be dispersed?
Our friends at the NC Real Estate Commission have created a video that clearly and succinctly explains what those rules are, so you can take them into account the next time you have a new tenant looking to sign a contract in North Carolina.
The Residential Tenants Security Deposit Act is in chapter 42, article 6 of the North Carolina General Statutes, beginning with section 42.50.
You can read and print your own copy of this act by going to the North Carolina General Assembly’s website (www.ncleg.net) and clicking on statutes, under “Shortcuts” on the right side of the website.