 Daily late fee Q (by Don I [MO]) Dec 12, 2018 11:50 AM
 Daily late fee Q (by David [MI]) Dec 12, 2018 11:59 AM
Daily late fee Q (by myob [GA]) Dec 12, 2018 12:14 PM
Daily late fee Q (by S i d [MO]) Dec 12, 2018 12:24 PM
Daily late fee Q (by Don I [MO]) Dec 12, 2018 12:27 PM
Daily late fee Q (by myob [GA]) Dec 12, 2018 12:45 PM
Daily late fee Q (by plenty [MO]) Dec 12, 2018 12:57 PM
Daily late fee Q (by David [NC]) Dec 12, 2018 1:46 PM
Daily late fee Q (by David [MI]) Dec 12, 2018 2:38 PM
Daily late fee Q (by Don I [MO]) Dec 12, 2018 6:27 PM
Daily late fee Q (by David [MI]) Dec 13, 2018 5:43 AM
Daily late fee Q (by Robin [FL]) Dec 13, 2018 12:43 PM
Daily late fee Q (by Don I [MO]) Posted on: Dec 12, 2018 11:50 AM
Message:
The lease states that rent is due on the 1st with a 5 day grace period. It also provides for a late fee of $10 per day. So say the tenant pays on the 7th, what is the appropriate late fee?
In my opinion, the late fee is WAIVED if paid by the 6th (end of the grace period). But otherwise, it had started to accrue on the 2nd. So if paid on the 7th, it is 6 days late and a $60 fee is due.
I'm still waiting to close and this will be an inherited lease.
I'm just trying learn the right way to handle things. When I was reading the lease, this was one issue that thought mught one day cause contention. --174.234.xxx.xxx |
Daily late fee Q (by David [MI]) Posted on: Dec 12, 2018 11:59 AM
Message:
My lease also has a five day grace period with rent due on first of month. So no late fee as long as paid by the 6th.
If paid on 7th, then one day of late fee, $10
If paid on 8th, then two days of late fee $20
--166.137.xxx.xx |
Daily late fee Q (by myob [GA]) Posted on: Dec 12, 2018 12:14 PM
Message:
Why would I put a grace period into the lease? What am I a billionaire? Loan company? Loan Shark?
Rent due on 1st (or postmarked) late starts 2nd day @ $8. per day to the 10th-- then converts to 10% of the rent.
Should tenant pay half on 7th its 6 days times $8.00 a day. The unpaid gets 10% on the unpaid balance. Our business is renting out property-- we're not a lending or pay day operation. We don't float the rent. --99.103.xxx.xxx |
Daily late fee Q (by S i d [MO]) Posted on: Dec 12, 2018 12:24 PM
Message:
It's rough when you inherit a lease. Not only are the policies not your, but the past land lord may have been arbitrary with enforcement.
To your question: typically a grace period is just that. No penalty accrues during that time. If the lease you inherited specifies that rent is DUE on the 1st and LATE on the 2nd, then you could charge $10/day. As it is, I think the late fee would be $20. Due on the 1st...5 days of grace gets you to 5 PM on the 5th. Paid on the 7th = 2 days late.
Be sure to get the tenant to sign your lease ASAP. I will do this when inheriting a tenant but leave the rent and the lease end date the same. Most times, they sign without question, especially if I offer them a $20 gift card to the local pizza joint as a "thank you." My lease is VERY specific on how late fees work. I even give an example in the lease of someone who pays 3 days after the due date, so it is CRYSTAL clear to both the tenant and the judge how we calculate late fees. --173.20.xxx.xxx |
Daily late fee Q (by Don I [MO]) Posted on: Dec 12, 2018 12:27 PM
Message:
myob: I agree and at the lease end, I intend to use a BRAND NEW lease that will have no grace period. But until then, I'm bound to the lease as written.
David [MI]: That basically means the rent is due on the 6th as there's no consequence for not having it sooner. I don't like allowing for that. (You get what you allow.) --174.234.xxx.xxx |
Daily late fee Q (by myob [GA]) Posted on: Dec 12, 2018 12:45 PM
Message:
So I say this. Rent is due on 1st as is written-- grace period of 5 days is for filing non pay with court. Late fees start 2nd not after grace period.
Split this into 2 transactions. Late days start 2nd day court is 5th day at end of GRACE Period. --99.103.xxx.xxx |
Daily late fee Q (by plenty [MO]) Posted on: Dec 12, 2018 12:57 PM
Message:
Type the exact words from the lease --66.87.xxx.xxx |
Daily late fee Q (by David [NC]) Posted on: Dec 12, 2018 1:46 PM
Message:
NC requires a 5 day period. Sucks. Only 5% late fee. to my knowledge there can't be a daily late fee.
N.C General Statute 42-46 gives tenants a grace period of five days in which to pay their rent. Late fees depend on whether rent is paid weekly or monthly. In both cases, the landlord can charge a fee of 5%, but for monthly arrangements the minimum fee is $15 and for weekly arrangements the minimum fee is $4. Landlords may charge a flat fee of $25 for a returned check. --71.217.xxx.xxx |
Daily late fee Q (by David [MI]) Posted on: Dec 12, 2018 2:38 PM
Message:
"That basically means the rent is due on the 6th as there's no consequence for not having it sooner. "
Well my lease still says that paying after the 1st means it's LATE and a violation of the lease and two lates means can evict. They just don't get charged late fees.
I charge $20 a day after the grace period so I more than make it up. --50.4.xxx.x |
Daily late fee Q (by Don I [MO]) Posted on: Dec 12, 2018 6:27 PM
Message:
I 1st read this several weeks ago. But got to really wondering about this specific issue only recently.
I just went back and re-read it. It says rent is due on the 1st with a 5 day grace period. It says there is a $10 per day late fee that is RETROACTIVE to the 1st. --97.42.xxx.xxx |
Daily late fee Q (by David [MI]) Posted on: Dec 13, 2018 5:43 AM
Message:
Isn't that the same as a $50 late fee and $10 per day after a 5 day grace period? --198.135.xxx.xxx |
Daily late fee Q (by Robin [FL]) Posted on: Dec 13, 2018 12:43 PM
Message:
My lease states that the fee is $25 on the 6th day or the month and $5 for each day thereafter until the rent is paid.
So, on the 7th day, the late fees are #30. --96.47.xxx.xx |
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