Grace Periods and Late Fees
I am dealing with my first late payment and I'm not quite sure how to handle it. The rent was due today, but I have not received it or heard from the tenant. I am going to call them tomorrow to see what is going on, but I wanted to make sure I know how everything works.
I am especially curious about the grace period. I have a 5 day grace period and a $5 per day late fee. So, if they pay on the 6th their would not be a late charge, but if they pay on the 7th would the charge be $5 or $30? Do I count the days that are part of the grace period since that is still how many days they are late?
This is their first rent payment since they moved in partway through March, and I am hoping they were just confused about something, but I want to be prepared for what my steps will be. Also, since they paid the first month rent up front, could they actually get away with delaying their payment until later in the month?
My lease states: "If the rent or any other charges are not received by the Landlord on or before 5 days after the rent due date, Tenant must pay a late fee of $5 per day the rent is late in addition to the rent."
Thanks for the help.