late charge (by Doreen [MN]) Aug 23, 2009 3:18 PM|
late charge (by MrRational [MD]) Aug 23, 2009 3:40 PM
late charge (by 574-Brad [IN]) Aug 23, 2009 3:45 PM
late charge (by Doreen [MN]) Aug 23, 2009 3:53 PM
late charge (by Reid [KS]) Aug 23, 2009 3:57 PM
late charge (by durham [ON]) Aug 23, 2009 4:34 PM
late charge (by K [MN]) Aug 23, 2009 7:22 PM
late charge (by BRAD_IN 20,000 lease months [IN]) Aug 23, 2009 10:46 PM
late charge (by tom [PA]) Aug 26, 2009 4:05 AM
late charge (by Doreen [MN]) Posted on: Aug 23, 2009 3:18 PM
State Specific Question About: MINNESOTA (MN)
What is the legal late fee I can charge a tenant for late rent? --96.60.xxx.x
late charge (by MrRational [MD]) Posted on: Aug 23, 2009 3:40 PM
up above is a link to various state laws which is what you have to verify to be sure...but most courts don't accept (allow) more than a modest amount ~$25 or so.
But! take heart there are other ways to get. The best way is to "discount" the rent. Charge $900 rent on the lease and allow a $125 early pay discount to the $775 you really want. Follow?
late charge (by 574-Brad [IN]) Posted on: Aug 23, 2009 3:45 PM
Mr. R, many have said that thier courts ruled, that an "early discount" is just a late fee in hiding, and invalid.
late charge (by Doreen [MN]) Posted on: Aug 23, 2009 3:53 PM
Okay, so can I charge $25 per day that they are late? 4 days late or $100.00? My lease says due on the 1st but after the 5th $25 a day. If they don't pay until the 20th they could pay $375 in late fee's. Is that legal? --96.60.xxx.x
late charge (by Reid [KS]) Posted on: Aug 23, 2009 3:57 PM
First find out if your state spells it out in black and White. If not then see what is customary for your area and what your local courts allow. I have found that our local court will support a $10 late fee after the 5th and $2.00/ day thereafter till balance is paid . I guess ten bucks does strike them as a lot and two dollars per day doesn't sound like a lot even though it works out to up to Sixty two dollars a month. If I just said ok it's sixty bucks they's probably whine about it . --70.250.xxx.xxx
late charge (by durham [ON]) Posted on: Aug 23, 2009 4:34 PM
Anyone know the law about this in ontario? --99.242.xxx.xx
late charge (by K [MN]) Posted on: Aug 23, 2009 7:22 PM
The rent must be paid on the date it is due. When a tenant is late in paying rent, the landlord has the legal right to start eviction proceedings. (See page 24 for an explanation of eviction proceedings.) If a tenant pays rent late, the lease may require the tenant to pay a late fee. The lease must state how much the late fee will be and when it is due. The late fee must be a reasonable amount that compensates the landlord for actual damages resulting from late payment but is not designed to penalize the tenant. (56) --24.159.xxx.xx
late charge (by BRAD_IN 20,000 lease months [IN]) Posted on: Aug 23, 2009 10:46 PM
We charge $5 per day starting the second of the month. Our court allows it.
Late fees must have enough bite to remind them to pay and give incentive to pay sooner than later.
Many LLs have a one time late fee (ie $20 after the 5th) but then the tenant has no reason to pay once the fee is charged.
I wish it were higher for larger rents. $35 for paying 7 days late on $900 rent seems small. Our government charges more!
late charge (by tom [PA]) Posted on: Aug 26, 2009 4:05 AM