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Updated over 8 years ago on . Most recent reply

Question about Late Fees
I've been a landlord for a little over 2 years now. Had to charge my first late fee today. I want to make sure I got it right, since the lease agreement I used for this tenant was a standard form and it's not exactly clear. The lease agreement states that rent is due on the 1st of the month. I received the rent payment today (the 5th). I know the math is easy...but interpreting the language is a bit trickier. How much would you charge?
The language goes something like this:
If landlord does not actually receive a rent payment in the full amount at the designated place of payment by the 3rd day of each month at 11:59pm, tenant will pay landlord for each late payment:
1) an initial late charge equal to $100, and
2) additional late charges of $10/day thereafter until rent and late charges are paid in full.
Most Popular Reply

No late fee. She posted payment prior to the 1st. You got an email from cozy. Get over it