Closing Date Prorations Calculator Guide for North Carolina

How the limitation period applies

The controlling primary authority for North Carolina security deposit limits and real estate closing cost prorations - NC Gen Stat § 42-25.2 and NC Gen Stat § 42-50 is NC Gen Stat § 42-25.2.

NC Gen Stat § 42-25.2. A landlord who receives a security deposit from a tenant shall hold the deposit in trust for the tenant... The landlord shall not charge or receive from any tenant any security deposit in an amount greater than an amount equivalent to two months' rent if the rental agreement is for a month-to-month tenancy... For landlords who own five or more dwelling units, the landlord shall return the security deposit within 30 days after the termination of the tenancy.

Related statutes

NC Gen Stat § 42-50 — Landlord's duty to refund security deposit

The landlord shall return the security deposit to the tenant within 30 days after the termination of the tenancy and delivery of possession... If the landlord fails to return the security deposit within 30 days, the tenant may bring an action for the recovery of the security deposit and the landlord shall be liable for the amount of the security deposit plus a penalty of up to $500.

Use the calculator

DocketMath's statute-of-limitations tool can model these timelines once you identify the controlling claim type and accrual date. Use the source panel for the verified primary-source citations.

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Sources

• NC Gen Stat § 42-25.2 — Security deposits
• NC Gen Stat § 42-50 — Landlord's duty to refund security deposit

All sources are official primary law published by law.justia.com.