 Late Fees (by SteveInIndiana [IN]) Dec 10, 2018 6:26 AM
 Late Fees (by fred [CA]) Dec 10, 2018 7:09 AM
Late Fees (by S i d [MO]) Dec 10, 2018 8:59 AM
Late Fees (by fred [CA]) Dec 10, 2018 9:13 AM
Late Fees (by Shaun [FL]) Dec 10, 2018 10:58 AM
Late Fees (by myob [GA]) Dec 10, 2018 12:11 PM
Late Fees (by Hoosier [IN]) Dec 10, 2018 5:05 PM
Late Fees (by BRAD 20,000 [IN]) Dec 10, 2018 7:10 PM
Late Fees (by 6x6 [TN]) Dec 11, 2018 4:33 PM
Late Fees (by cjl [NY]) Dec 12, 2018 9:35 AM
Late Fees (by SteveInIndiana [IN]) Posted on: Dec 10, 2018 6:26 AM
Message:
My lease says after 1st, if rent unpaid, the late fee is $X per day until it's paid.
On 1st, tenant pays only half of rent; and remainder due on 14th; accumulating 13 days of penalty for not paying in full on 1st.
Would I be within my rights to charge the tenant 0.50 x penalty x 13 days?
For example, suppose fee is $10/day. Would I charge them $5 x 13 days = $65 in late fees?
--184.16.xxx.xxx |
Late Fees (by fred [CA]) Posted on: Dec 10, 2018 7:09 AM
Message:
Late fees are regulated by your state or your city. Verifying with an eviction lawyer will make it clearer for you.
If you are within your law, then I would assume that breaking the late fee in half would be OK. However, you know that you can't assume anything in T-LL business relationship. --99.59.x.xxx |
Late Fees (by S i d [MO]) Posted on: Dec 10, 2018 8:59 AM
Message:
This is an example of where unclear language can cause problems...we'll tackle the fix here in a few.
As for me, I interpret "rent not paid" to mean "rent not paid in full". Otherwise, if we go with the percentage like you're trying to do, we open up an endless series of scenarios....what if they pay 25% of rent? Do I only charge 25% * penalty * X-days ? What about 35%? Etc.
So I would simply charge the full late fee. It is unlikely the tenant will take you to court over it, and hopefully this is a message to them to pay their rent on time, in FULL.
Some folks here do not accept partial payments, which also would eliminate this scenario. You can consider that idea as well, although I'm of the view that once I receive funds owed I NEVER send them back.
For the future, fix your lease to be 100% clear. "Any unpaid balance will result in a late fee of $X per day until the full amount due is received."
--173.20.xxx.xxx |
Late Fees (by fred [CA]) Posted on: Dec 10, 2018 9:13 AM
Message:
Sid,
You can write your lease agreement anyway you like, but if it conflicts with your state/city laws, a judge will throw it out and you will lose your case. --99.59.x.xxx |
Late Fees (by Shaun [FL]) Posted on: Dec 10, 2018 10:58 AM
Message:
I agree with Sid...
In most leases, before late charges, default, etc are discuss, the Rent is defined by specific amount, $XXX.00. Thus, I interpret anywhere the contract refers to the word 'Rent' it means $xxx.xx (that specific amount). Therefore, if I do not receive the specified amount, Tenant did not pay "Rent". Late fees accrued until full payment is received. --205.223.xxx.xx |
Late Fees (by myob [GA]) Posted on: Dec 10, 2018 12:11 PM
Message:
Our court won't allow the 8.00 per day for "ever"...... we stipulate 8.00 per day for the first 10 days-- then it converts to 10% of rental amount per month.
When tenants split payments as OP has indicated we do 8.00 per day-- until first payment is made -- then 10% on balance that is paid on 14th for example. --99.103.xxx.xxx |
Late Fees (by Hoosier [IN]) Posted on: Dec 10, 2018 5:05 PM
Message:
Just made another minor change to my lease LOL...thanks everyone. --99.92.xxx.xxx |
Late Fees (by BRAD 20,000 [IN]) Posted on: Dec 10, 2018 7:10 PM
Message:
Steve,
Another sad case of Wimpy-Lease-itis.
No. Late fees are not pro-rated.
My lease is clear: Late is $5 per day, starting the day after the rent is due and continues until the rent is paid in full.
Indiana does not have a limit on late fees BUT the Appellate Court has decided late fees CAN be used to motivate payment but cannot be “punitive”. Huh? And you cannot charge late fees on unpaid late fees.
MY court allows $5 per day but caps them at 30 days for each month involved.
Also, my lease is clear: Management does not accept late or partial payments.
They are USING you and your money as their personal bank. ZERO TOLERANCE on late payments works! People actually PAY. It’s the LLs who have trouble with this and somehow believe they must cover the bills HOPING their res will pay.
BRAD
--73.102.xxx.xxx |
Late Fees (by 6x6 [TN]) Posted on: Dec 11, 2018 4:33 PM
Message:
Brad20,000(IN),I am trying to remember but I thought you said rent was due on first, on second you are filling for eviction as per zero tolerance,or were you referring to late payment? Will you refresh my memory and help me clarify? Sorry for my confusion. Thank you. --73.120.xx.xxx |
Late Fees (by cjl [NY]) Posted on: Dec 12, 2018 9:35 AM
Message:
Yikes no way would I charge any smaller portion of the late fee for the amount of the rent. I had (a few years back) a tenant that decided on the way to pay her rent that her son and boyfriend wanted a drink. All she had was the rent money on her so they stopped at the store on the way to our office and bought two drinks (maybe $5??).
She was then $5.00 (or whatever the amount) short on her rent. I told her "you have until the 4th to make this whole or you will be charged the late fee". She said "that's crazy - I paid the majority of the rent and I'll get you the $5.00 when I get the chance".
She didn't - she then was charged the $55.00 late fee.
You get what you allow.
--71.46.xx.xxx |
Reply:
|
|