 late fees (by Sharon Lapkoff [MD]) Feb 7, 2018 6:25 AM
 late fees (by Busy [WI]) Feb 7, 2018 7:14 AM
late fees (by plenty [MO]) Feb 7, 2018 7:17 AM
late fees (by moby [IN]) Feb 7, 2018 8:04 AM
late fees (by Vee [OH]) Feb 7, 2018 12:56 PM
late fees (by Jeff [CO]) Feb 7, 2018 4:26 PM
late fees (by Sharon Lapkoff [MD]) Posted on: Feb 7, 2018 6:25 AM
Message:
State Specific Question About: MARYLAND (MD)
My lease states that if a rental payment is received after the due date of the first of the month, a late fee of 5% of the rental amount is due. There is no grace period. And is the law the same for multifamily property and single family
property? I'm most interested in Frederick County and Washington County.
Thank you --69.243.xx.xxx |
late fees (by Busy [WI]) Posted on: Feb 7, 2018 7:14 AM
Message:
It's the lease that applies to you. Different landlords may have different late fees. Different states have different laws. Some states tightly limit late fees, others do not.
I haven't heard of states having different late fees for multi fans vs single family.
Best way to avoid late fees-pay the rent early. Live really tightly for a month or two and pay the rent 2 paychecks ahead. I have my tenants deposit to an account, I give them the account number. Now with the 'quick pay' methods banks offer, my tenants are using Zelle to pay half the rent out of the first paycheck in the month, other half out of the second. So, my tenants are paying those two rent payments for March rent now, during February.
The great thing for the tenants is the peace of mind. If unexpected expenses come up, they are secure their right to live in a nice home is protected. --172.58.xxx.xxx |
late fees (by plenty [MO]) Posted on: Feb 7, 2018 7:17 AM
Message:
Where i live its the same for multi and single family properties. --99.203.x.xxx |
late fees (by moby [IN]) Posted on: Feb 7, 2018 8:04 AM
Message:
My judge allows 10%. That's what I charge with no grace period. After going to this policy I have found the the learning curve is short, don't be late on the rent. --68.60.xxx.xx |
late fees (by Vee [OH]) Posted on: Feb 7, 2018 12:56 PM
Message:
I am in a large metro area, each court has different rules on late fees but the rent is late after 5pm on the first, best to attend housing court a few months to observe how the rules work in comparison to those which you have printed from the staate and local sources - I suggest placing them into a 3ring binder and flipping over for the state rules so they do not get mixed up, your basic business bible there. --76.188.xxx.xx |
late fees (by Jeff [CO]) Posted on: Feb 7, 2018 4:26 PM
Message:
Moby, "your judge" (whatever that means) sets the amount? --76.120.xx.xxx |
Reply:
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