Required Disclosures (2)
1. Lead-Based Paint Disclosure & EPA Pamphlet – If the property was built before 1978, its landlord must disclose to tenants that the walls and ceiling could contain lead-based paint.
2. Security Deposit Receipt – Landlords who collect security deposits must disclose the name of the bank and account in which the funds are being held.[1]
Security Deposit Laws
Maximum Amount – Two months’ rent for fixed-term tenancies and one and a half month’s rent for month-to-month tenancies.[2]
Trust Account or Bond – A security deposit must be placed in a trust account with a federally insured depository institution or secured by a bond issued by a North Carolina insurance company.
Returning – The landlord must return the security deposit to the tenant within 30 days of the end of tenancy. An itemized list of damages must be given to the tenant if deductions are made.[3]