North Carolina real estate laws cover different concerns regarding “homestead protection” from creditors, tenant and landlord relation and other related issues.
Lease and rental agreement laws set limits on how much security amount a landlord may need as well as what discriminations are prohibited.
- In case of termination of lease, the landlord has to return security deposit amount to tenant within 30 days of the termination.
- A landlord can take only two month’s rent as security deposit.
Homestead laws let homeowners declare limited portion of their property or home as “homestead”. Hence, sparing such “homestead” portion from creditors in case of bankruptcy or other economical crisis.
- In North Carolina, there is no specified acerage limit to be declared as homestead .
- However, property that is worth of only $1000 can be declared as homestead.
Adverse possession also comes under the real estate laws in North Carolina and are often placed under the property laws with a code section of 1-38, et seq.; 1-17 of the state.
The concept is based on the doctrine of adverse possession where, an abandoned property can be claimed by an individual if s/he develops and lives on it.
- According to the North Carolina estate laws, the title regarding the property can be claimed in 7 years.
- The time period of 3 years is given to the abandoned landowner in North Carolina, to place a claim on the property.