When do you collect late fees?
I have a question regarding late fees. My lease doesn't specify when a late fee is to be collected but it does specify that if rent is not received after the 10th day of the month a late fee is assessed. Last month I had a tenant pay via money order on the 12th but did not add the late fee. I've already been in contact with the tenant to enforce the lease and notify the tenant the late fee is due. Should I be collecting the late fee prior to the next monthly payment. Is the late fee due ASAP or should that have been spelled out in the lease? Thanks
Steve