Is a $300 late fee reasonable...

[Driven08]

Hello, I'm new to the site and am in desperate need of some insight. I live/rent in New Jersey and I am inquiring about a late fee clause that is in my lease. My landlord gives me until the 10th of each month. After that day, I am charged a $300 late fee. Is this reasonable/legal? Please help me.

 

[HomeGuru]

Hello, I'm new to the site and am in desperate need of some insight. I live/rent in New Jersey and I am inquiring about a late fee clause that is in my lease. My landlord gives me until the 10th of each month. After that day, I am charged a $300 late fee. Is this reasonable/legal? Please help me.

**A: please state exactly what your lease reads. Do not paraphrase or interpret.

 

[Driven08]

Unfortunately...

I can't access the lease right now. Is there any general information you can give me on this?

 

[xylene]

What is your rent?

 

[Driven08]

I pay...

$1,200/mth

 

[xylene]

Push to shove:

A twenty-five percent late fee is likely unenforceable in NJ.

BUT - do you really want to go to court?

 

[Cvillecpm]

Why is this even an issue? YOU HAVE 10 DAYS TO PAY YOUR RENT!!!

 

[xylene]

Why is this even an issue? YOU HAVE 10 DAYS TO PAY YOUR RENT!!!

I'm sorry, did you have some insight that a usurious late fee would be allowed given a 10 day grace period?

That's not what law and the courts interpretation of the law suggest from my reading.

 

[GoldenEye77]

I personally think these late fees are getting rather excessive. I live in San Francisco where it's a Landlord's market. I cannot imagine a Landlord enforcing such a huge sum, just for being a day late, but a contract is a contract, unfortunately. If I don't pay my late fee, it would eventually come out of my security deposit, unless I can barter with him and get out of it somehow.