Updated about 9 years ago on . Most recent reply
Late fees
We have a commercial building with renters that are in their last month. We have not received the rent yet (surprise!) and was wondering if we can deduct late fees from the security deposit. Property is in Texas. Here is my problem, this was a lease back to the sellers. The contract that was drawn up was done by the two realtors and I was told in Texas that is the standard when doing a lease back. I now noticed that my realtor didn't put in the late fee I requested in the contract. Something I didn't catch before closing. I know, I know, but this purchase was a headache in dealing with the realtors (never will use this one again!) and we just wanted to get it done.
So, are we stuck with waiting for rent with no added late fees or what? As I said, they will be out at the end of the month.