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THINGS TO KNOW
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The industry of real estate is currently on the rise, especially in North Carolina. However, similar to other businesses, it is crucial that investors know what they are getting themselves into before they put money into a particular real estate venture.
This article runs down all the pertinent rules real estate investors should know about.
There are several types of real estate laws that everyone should be familiar with. They can be broadly categorized into the following:
- Homestead Laws
- Adverse Possession Laws
- Rental Agreement Laws
- Civil Statute of Limitations
These laws cover a number of different issues. For instance, some of these tackle issues like landlord-tenant relations. These discuss the specific rights and responsibilities of both parties, what they can and can’t do. For instance, according to North Carolina real estate laws, landlords can only charge tenants up to two months’ rent for their security deposit. On top of this, it is also clearly stated that a landlord must refund his tenant’s security deposit within a 30-day period after lease termination.
Having a clear understanding of real estate laws is crucial. Make sure to familiarize yourself with the important aspects of it before making that final decision to invest.
Real estate investors should always have a mind for law. Given how tricky the market has become, it would certainly be advantageous for you if you have a clear understanding of how real estate law works.
This article provides a quick overview of the real estate laws in North Carolina. It also provides an explanation into the particular legal issues they address.
Right from the start, readers need to understand that there is no single unifying piece of legislature for real estate in the state of North Carolina. Rather, there is an entire body of it that discuss its many particular aspects. Here are the state’s real estate law categories:
- Homestead Laws – These laws provide the grounds for which citizens, under threat of foreclosure or eviction, can remain in their homes.
- Adverse Possession Laws – These laws illustrate how one can gain legal claim to a piece of neglected real estate after occupying and improving it.
- Rental Agreement Laws – These explain the tenant-landlord relationship. It explains the provisions allowed to be part of a rental or lease agreements, specifically pertaining to security deposit limits and more.
Of course, by no means is this list a comprehensive one. It just briefly groups together different laws in simpler categories. It would do you well to read the actual laws themselves.