A North Carolina lease agreement is a legally binding document that outlines the terms and conditions of a rental agreement between a landlord and a tenant. Use this template to rent out a residential property for a fixed period of typically one year.This agreement includes the most essential and common clauses. A North Carolina lease agreement represents an arrangement made between two (2) parties regarding the use of residential or commercial space. In consideration of the obligations of Department and Permittee one to the other and the terms and conditions contained herein, the Parties agree as follows:. Lease Agreements – By Type. North Carolina lease agreements must be written according to the laws of NC state, to ensure that they are legally binding and hold up in court. THIS IS A VACATION RENTAL AGREEMENT UNDER THE NORTH CAROLINA VACATION RENTAL ACT (NCGS 42A et al). A comprehensive list of current Statewide Term Contracts can be found in the table below. The Division manages all Non-IT Statewide Term Contracts.