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When Vacation Rental Property Changes Hands in NC
The full language of the North Carolina Vacation Rental Act (NCVRA) can be found in Chapter 42A of the NC General Statutes. NC doesn’t want to destroy the industry and they must protect your constitutionally derived right to own property and your liberty to use it for your maximum investment. The statute is direct, simple, and targeted for just exactly what NC vacation rental investment properties are and how we utilize them. It protects us from restrictions imposed on other lodging facility/business types (b&b’s, inns, and etc.) and doesn’t saddle us with the legalities and consequences of long-term leases. It holds landlords/owners to ethical and sound business practices that are not difficult to conform to. Here are a few things that you might not know about operating a vacation rental in North Carolina:
Your agreement must state that it is covered by the Vacation Rental Act. If a mandatory evacuation is ordered you must refund the renter's money, unless the renter refused rental insurance and/or purchased rental insurance that covers evacuations. All moneys that you collect (rent, deposit, etc) must be put into a bank account in NC that is separate from your personal account, and the address of this bank must ... more
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