Re: Late Rent! - Landlord Forum thread 344691

Re: Late Rent! by Anonymous on April 28, 2016 @07:18

It is best to have a set amount on your lease for late fees
when someone pays late. Remember, a Landlord is like a bank, there is a day in which the payment is due or late fees kick in. It's the same with renters, you should make your late fees as steep as possible while being reasonable. EG; our late fees are as follows: The rent is due on the first of every month. Tenant has until midnight on the 4th day of the month to pay the rent without having late fees.
If the tenant pays late, the late fees are as follows; On the 5th day of the month, there is a $30.00 late fee and a $5.00 per day additional fee for every day after that the rent has not been paid. At the discretion of the Landlord, if rent is not paid by the 10th day of the month, landlord may issue a notice to vacate the premises. The one thing to understand is that you MUST enforce this equally to all tenants. once you waive late fees to one tenant , you cannot by law charge other tenants late fees either. ALWAYS check your state laws regarding this before adding this to your lease. Late fees may vary by state.

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