Late Fees

[Atul Mohlajee]

I have spoken with various people who impose different levels of late fee, some on sliding scale, others lumpsum fee of 5% or 4%. Some charge late fee on the 4th of the month, others charge on 6th or 10th. This is the biggest forum on real estate. Would all of you veteran members share their late fee policies? That may benefit lot of newer members.

Thanks

[Dennis Gavilanes]

The late fee depends on the City Landlord Ordinance, on a Chicago Lease states the sum $10.00 plus 5% of any rent due in excess of $500. I am very careful to follow this rules to avoid any future tenant / landlord litigations.

Hope this helps

Dennis