Re: Late Fee -How much do you charge? - Landlord Forum thread 175905

Re: Late Fee -How much do you charge? by Rich (NJ) on March 25, 2009 @14:51

People really need to check with the laws in "their" area and also what would stand up in court if needed.

Where I live in NJ you must allow "5 business days" grace for the rent before issuing a notice. Also late fees usually need to be around or under 10% of the rent.

Also if ever going to court and you come in with hundreds of dollars in late fees, you will not get them and the judge would probably rule against you on other issues just due to the outrageous fees.

[ Reply ] [ Return to forum ]

Re: Late Fee -How much do you charge? by M-bone on March 25, 2009 @15:04	[ Reply ]

Your State forces you to give a grace period? That's wrong. They already get a grace period with the pay/quit notice. If I were forced to give a grace period, then I would charge the tenants a prorated rent for the grace period days up front. That way they at least have paid the rent and you are not out those 5 days while waiting to serve them the notice.

Re: Late Fee -How much do you charge? by Fatou628 (NJ) on April 8, 2009 @23:20	[ Reply ]

I know the late fee in NJ is usually 10% of the monthly rent but what about if the tentant paid the majority of the rent on or before due date? Do I still charge 10% of the entire monthly rent amount or just on the balance still owed?