2007-10-06 11:55:32 · 5 answers · asked by dlori300 2 in Business & Finance ➔ Renting & Real Estate
You can charge a late fee. It can not exceed 1/30th of the monthly rent per day. It HAS to be on the rental agreement though, you can't decide to do it after the fact.
In CA late is one day after it is due, there is no grace period.
2007-10-06 13:22:12 · answer #1 · answered by Elsa D 6 · 1⤊ 0⤋
You may charge a late fee, but it must be reasonably related to the costs that you incur as a result of the tenant being late. Contrary to what others have posted, in CA you cannot charge whatever you wish. If it's so high that it is a penalty, it may not be legal. A $50 late fee on a $350 rent would probably be excessive. It might be entirely reasonable on a rent of $3,000.
Communities may limit the late fee that you may charge so check local ordinances as well.
Here's a link to what the state says about it: http://www.dca.ca.gov/publications/landlordbook/living-in.shtml#latefees
2007-10-06 19:04:18 · answer #2 · answered by Bostonian In MO 7 · 1⤊ 1⤋
You need to check your landlord laws, VA allows us to charge a 10% late fee, where NC only allows a 5% late fee. If your a landlord a great place to get advice is mrlandlord.com these are seasoned landlords offering up advice. They are generally a big family and have had many members for many years, so if they act a little snappy at first, just accept it, they are great people and listen to them. Good luck!
2007-10-06 20:21:03 · answer #3 · answered by Can't stand this 4 · 0⤊ 1⤋
You can charge as much as you want as long as you initially put it in the lease agreement.
2007-10-06 19:03:54 · answer #4 · answered by Yes_It's_Me! 3 · 0⤊ 3⤋
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2007-10-06 19:04:23 · answer #5 · answered by Chuck92121 2 · 0⤊ 2⤋