Common Terms

  • The oversight and coordination of rental properties, including tenant relations, maintenance, rent collection, and overall property operations.

  • A visual assessment of a property’s condition, focusing on major systems such as roofing, structure, plumbing, electrical, and HVAC.

  • A legally binding contract between a property owner and tenant outlining terms such as rent, duration, and responsibilities.

  • An individual or party who rents and occupies a property under a lease agreement.

  • The individual or entity that owns the property and leases it to a tenant.

  • A separate account used to hold tenant funds (such as security deposits) in accordance with North Carolina regulations.

  • North Carolina law that governs how security deposits must be handled, including limits, storage, and return requirements.

  • Funds collected from a tenant at the start of a lease to cover potential damages or unpaid obligations.

  • A formal request submitted by a tenant for repairs or service related to the property.

  • The process of collecting monthly payments from tenants in accordance with the lease agreement.

  • A document outlining the findings of a home inspection, including observed conditions and areas of concern.

  • Information that can be used to identify an individual, such as name, address, Social Security number, or financial details.

  • The requirement that a rental property be safe and livable, including working utilities and structural integrity.

  • The legal process in North Carolina used by a landlord to remove a tenant for nonpayment or lease violations.