Rental agreements. They’re binding contracts between tenants and landlords, but it can be challenging to write one. If you’re a tenant or landlord located in South Carolina looking for extra facts on rental agreements, this is the article you need. This short guide explains everything you should know about South Carolina rental agreements.
What Is a Lease Agreement in South Carolina?
A lease agreement in South Carolina sets out the conditions under which a tenant may rent a property and the terms a landlord must abide by when they lease the property.
Is There a Difference Between Lease Agreements and Rental Agreements?
There’s one critical difference between lease agreements and rental agreements. Both are legally watertight, outlining the plans for payment and property use, but a lease agreement tends to be set up for long-term rental agreements, whereas you can establish a rental agreement for short-term rental agreements.
Which Information Should Your South Carolina Lease Agreement Contain?
You should include a few critical sections in your South Carolina lease agreement. The lease duration, rent payment amount and frequency, security deposit information, extra costs, property use conditions, terms, and eviction conditions should all be included in a South Carolina lease agreement.
For Which Types Of Properties Can You Establish a South Carolina Lease Agreement?
A couple of examples of properties for which you can establish a South Carolina lease agreement include residential properties and commercial properties.
How Are Residential and Commercial Properties Different in South Carolina?
The main difference between residential and commercial properties in South Carolina is that residential properties are for families and commercial properties are typically for businesses. While some examples of residential properties include new homes or apartments, such as townhouses or investment properties, some commercial properties include offices and shopping centers.
How Are Residential and Commercial Rental Agreements Different in South Carolina?
While residential lease agreements in South Carolina establish conditions that tenants and landlords must abide by, commercial rental agreements are specifically for landlords who own commercial property and tenants who want to run a business.
With a commercial rental agreement, you may consider specific arrangements such as net real estate leases, which means your tenant can pay rent separately from their business expenses. You may consider other factors with a residential lease agreement, such as the lead paint disclosure addendum.
What Are Alternative Rental Agreements Available in South Carolina?
Some alternative rental agreements in South Carolina include rental agreements that work month-by-month and agreements for subleasing property.
What is a rental agreement that works month-by-month?
A rental agreement that works month-by-month is also known as a month-to-month rental. With this arrangement, as described in the agreement, you can change or terminate the contract according to a statutory notice period. If there are no termination notices, a month-to-month rental agreement will renew when each month is finished.
What is a rental agreement for subletting property?
Subleasing agreements are legal written documents permitting tenants to transfer part of their lease to someone else. To establish this setup, your tenant must consult you and get your consent before they appoint an additional tenant (or subtenant).
Which Rental Agreement Laws Should You Consider in South Carolina?
A couple of laws you should consider when establishing a rental agreement in South Carolina include the legal amount chargeable for a security deposit and laws that stipulate the amount of time tenants have to pay late rent fees.
What is the legal amount chargeable for a security deposit in South Carolina?
The legal amount chargeable for a security deposit in South Carolina is 1.5 months’ rent if the rental agreement is a month-by-month agreement. You can charge two months’ rent if it’s a longer rental term.
What amount of time do tenants have to pay late rent fees in South Carolina?
According to South Carolina law, your tenants will have 10 days to pay late rent fees. This is the maximum time you have before you can file for eviction over overdue rent.
Setting Up a South Carolina Rental Agreement: The Key Takeaways
Setting up a South Carolina rental agreement may seem tricky, but remember to consider the various laws of a rental agreement beforehand, and you’ll have no surprises along the way. Always consider the many different types of rental agreements and choose the right one to rent your property successfully.