New Jersey
Greetings One & All & Happy Holidays to you.
My questions today are about the correct way of handling /billing a tenant for late rent & maintenance.
I THINK I have a handle on it, but want to double check before invoicing.
The lease spells out a [5%] late fee and state law mandates a 5 day [not counting weeknds and Holidays] grace period before a late fee can be levied.
Rent is due on the first and considered late on the second, so having received it after 5 PM today [and no we DID NOT specify a time that it must be received by] makes it at least 5 days late.
Between weekends and Holidays I have only been eligible for the late fee once and I let it ride that time.
It is now realized that that was not a good move. ;-/
The lease provides for any obligations not met willl be charged as "additional rent" & is due & payable with the next monthly rent payment.
My questions are: WHEN should I bill the tenant for the late fee?
They also have incurred a charge for lease mandated yard maintenance they did not do and was done for them.
Regarding this the lease reads: "if the Tenant fails to comply with any of the terms... the Landlord may do so on behalf of the tenant".
Should that be invoiced seperately or at the same time and in the same letter/invoice as the late fee?
If they do not pay the additional $ owed in January then is there a fee/interest/ penalty on top of that?
Thank you for your time and attention.
RowZ
Greetings One & All & Happy Holidays to you.
My questions today are about the correct way of handling /billing a tenant for late rent & maintenance.
I THINK I have a handle on it, but want to double check before invoicing.
The lease spells out a [5%] late fee and state law mandates a 5 day [not counting weeknds and Holidays] grace period before a late fee can be levied.
Rent is due on the first and considered late on the second, so having received it after 5 PM today [and no we DID NOT specify a time that it must be received by] makes it at least 5 days late.
Between weekends and Holidays I have only been eligible for the late fee once and I let it ride that time.
It is now realized that that was not a good move. ;-/
The lease provides for any obligations not met willl be charged as "additional rent" & is due & payable with the next monthly rent payment.
My questions are: WHEN should I bill the tenant for the late fee?
They also have incurred a charge for lease mandated yard maintenance they did not do and was done for them.
Regarding this the lease reads: "if the Tenant fails to comply with any of the terms... the Landlord may do so on behalf of the tenant".
Should that be invoiced seperately or at the same time and in the same letter/invoice as the late fee?
If they do not pay the additional $ owed in January then is there a fee/interest/ penalty on top of that?
Thank you for your time and attention.
RowZ