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Landlord Newsletter - What's This For? Lease Clause #3

The LPA Newsletter March 31, 2015

Dear Fellow Landlord,

In this newsletter:

  • WTF? What's This For? LPA Lease Clause #3
  • State Late Fee Limitations?
  • Landlord Do's & Don'ts: The LPA Lease

Please e-mail us if you have any questions or would like to add or share any material / information. Have a great month!
John Nuzzolese
John@theLPA.com

"The best way to avoid tenant problems is to avoid problem tenants." - John Nuzzolese

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WTF?= What's This For?

LPA Lease Clause #3:



Late Fees: One of the most important elements in modern residential leases today is the Late Fee clause. In order to encourage timely rent and discourage late payments, you should have a solid late charge clause. Having the clause in your lease is only part of protecting yourself against late rent.

click for the full article...

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State by State Limitations on Late Fees and other Important Lease Clause Inserts

How many days should pass before I charge my tenant a late fee?
And is there a limit on how much I can charge? The LPA State Lease Clause Index will allow you look up your state requirements and limitations if any concerning late fees.





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Landlord Do's & Don'ts: The LPA Lease

What The LPA says you should do and what you shouldn't do regarding The Lease Signing

DO
  • Sit down and read over the lease with the tenant, emphasizing the important parts.
  • Have a signed & fully documented Property Condition Report before giving any keys to the tenants.
  • Staple a copy of the Tenant's Notice of Intention to Vacate Letter to the back of the tenant's copy of the lease.
  • Be sure all funds are in cash or the check has cleared before giving the tenant any keys.
  • Warn the tenant that you or your partner or manager report to national tenant and credit bureaus, so it would be in their best interest to pay on time or early.

DON'T
  • Allow the tenant to strike clauses or amend important parts of your lease.
  • Be afraid to tear up the lease and return the tenant's money if you are unhappy with the meeting.
  • Get too friendly with the tenants.


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