Many landlords have asked us if they can use the National Association of Realtor’s Rental Agreement with their personal tenants.
The North Carolina Association of Realtors informed us that the NAR Form 410-T, the Residential Rental Contract, can only be used by offices that are governed by a licensed Real Estate agent.
The Exclusive Property Management Agreement (Form 401) must be filled out by a licensed agent and there is even a place for the license number to be inserted on that form. The 410-T does not have a place for the agent’s license number, but according to the NCAR forms person, the “agent” who signs this form must be under the jurisdiction of a broker-in-charge.
If you are managing properties that you own and you are not a licensed real estate agent, be sure that all contracts you use with your tenants are state and federal compliant. Never attempt to create your own contracts.
And, most states mandate that you may not manage ANY properties you do not own personally, unless you are a licensed real estate broker. This includes properties owned by friends and family.
Always be sure you’re using the correct paperwork any time you enter into an agreement. If you don’t have forms to use and are not a licensed real estate agent, any real estate attorney will be able to provide and/or create paperwork for you that will hold up in a court of law.
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