After execution, tenants can buy the rent at a predetermined price (if they wish). North Carolina tenancy agreements are a set of property management documents that set the basis for authorizing a person to occupy a rental unit, as long as they pay the necessary rent to the lessor. The form identifies the rights of both parties and sets out the deadlines and obligations they must meet. In addition to protecting the respective rights of both parties, this agreement breaks down, among other things, issues such as the amount of rent, development, repairs and the right of the owner to access the unit. Creating a separate deposit account is a prerequisite for the lease agreement. The owner should deposit funds into a trust account with a licensed credit institution or insured bank. .