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What day do late fees begin - Landlord Forum thread 358500








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What day do late fees begin by Jill on August 27, 2018 @16:25

                              
Lease states that rent is due "no later than the 5th day of every month" and tenant "further agrees to pay a late charge of $25 for each day rent is not received by Landlord..."

If the tenant pays on the 7th, is the late fee charge $25 or $50? Rent is technically 2 days late but if I receive the rent on the 7th based on lease wording I may only be able to charge $25. Am I interpreting this correctly?
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Re: What day do late fees begin by Garry on August 27, 2018 @17:53 [ Reply ]
My question to you is, does your late fee amounts conform to what your state law says about them? (that's assuming your state laws addresses late fees). If they don't, what good are they if they can't be upheld in court? But, to answer your Q, by your wording, they have till the end of the 5th day to get you the normal rent. At 12:01 am on the 6th, they owe you an extra $25, $50 after 12:01 on the 7th, $75 after 12:01 on the 8th, and so on. Is there a maximum for your state?

If the T only brings you the actual rent on the 7th, and no late fees, accept it, and write a receipt for it. On the 8th, write a letter to the T,, saying they were late, they owe you $50, and you will collect the $50 when they come to pay the next months rent. Tell them you will write them a receipt for the late fees, BEFORE you collect the rent from them. So if the rent was $800, and give you $800, write a receipt for $50 for late fees for the last month, and one for $750 in rent. That way, they will still owe you $50 in RENT, of which you can give them a 3 day notice to pay rent or quit. Just remember, you MUST be willing to follow thru on the 3 day notice, or your late fees are worthless to you.
Re: What day do late fees begin by AnonymousFL on August 27, 2018 @20:16 [ Reply ]
$25.00 per day is pretty darn unreasonable. I would be surprised if your area allowed for it. You can try to press for it, but your tenants will probably not react well.

What state are you in and what is the rent amount on the unit?
Re: What day do late fees begin by lpadave on August 27, 2018 @21:05 [ Reply ]
ok.......25 per day -- 30 day month----750 in late fees. if i was a judge,....i'd throw you out. even if your rent was $5,000. per month.

BANKS assess late fees at 5% of mortgage monthly payment amount,.....and you're not a bank.

the idea of late fees is to encourage tenants to pay on time, not cripple and piss them off.

my leases say ''''by close of business''' which means 5pm.

while Garry is correct in last in goes to first posted, the reality is almost ALL judges WILL NOT allow late fees, interest, penalties, bookkeeping charges and all the other ''bad boy stuff''for tenants paying late.

further, unless your lease specifically spells out new money being posted first to oldest amount due,...you probably can't actually call it that way.

All of these junk fees and charges are just red flags for you as a landlord if you go into court.


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