 I purchase a duplex built in '05. What typically happens with the security deposits from the current renters |
I am looking at buying a duplex in lehigh (uhg I know its a risk)
the one I've been eyeballing has both sides currently rented out. IF the current owner/landlord collected a security ... |
|
 How do first time homebuyers with no credit or fairly bad credit find a good deal on a house? |
| i have no credit and i have some bad things on my credit like hospital bills. i havent been working very long is it possible...!!!!VERY SERIOUS!!!! what about forclosure houses.. *how do i go about ... |
|
 How can I sale my 3 bedroom home fast? |
I made upgrades and still nothing ! Close to schools and expressways and not far from lake.
Additional Details
I live in Oklahoma by lake E... |
|
 After buying a house, do you have a certain time to get seller to fix things? |
| Say you looked at a house, everything was fine, working, etc. Then right before closing the seller replaced the a/c unit, and after closing you start moving in and one 1/2 of the house's ... |
|
 When buying a house, what factors do you base your decision on? |
What are ALL the factors that you would like to be able to have knowledge of before you make the decision to buy a particular house in a particular area?
Give me an exhaustive list and ... |
|
 Is there anything embarrassing about renting at 45? |
| My parents own two homes and I will eventually be sharing the equity of these with my sister and her daughter. One home is in the Hamptons, NY. This home is pretty valuable. I have been renting ... |
|
 Benefit entitlement question? |
| Can anybody tell me where i stand after loosing my house last year i know live with my wife and 20 yr old son in private rented accommodation witch is 650 a month However I have just been finished ... |
|
 I have a rooming house available for homeless veterans. I would like to know how could I make it known to? |
| homeless veterans with monthly incomes that can afford $250.00 per month for rooming in the Detroit, Michigan area.... |
|
 What advice can you give for someone buying a home for the first time? |
| I just came out of college and got a job. I am looking for a house to buy. What advice can you give for selecting a house to get the best deal?... |
|
 Breaking you lease, how can i do it? |
| I need to know if anyone knows who to ask or where to go to get out a lease...I have signed a lease agreement for 1 year i have a remaining $2500 on it....But i have to move 4 hours away for my new ... |
|
 Buying a home after filing for bankrupt last year!? |
| we are buying 3 acres from my father in law and just curius on how long you have to wait before we can buy a home! we have been looking into buying a doublewide are module home we have talked to ... |
|
 I got 2 months left on...? |
we got two months left on a 1 year lease on an apartment
we are wanting to move and found a great place
my question is how do we get out of our lease??
we know this place wont be there ... |
|
 Help, my mortgage is with northern rock? |
| we are really concered and not sure what to do? we have 3 1/2 years left with our fixed rate term... but were considering moving and paying the penatly which is around £3000, do you think we are ... |
|
 Should I sell my house for sale by owner?? |
| There are 3 other houses for sale in the subdivision. We have only lived there 3 months but we are just unhappy and want to move back home. Should I sell it by owner or use a real estate agent. How ... |
|
 How can you definitively find out the property line of a property? |
| I'm looking at this property and the buyer says he doesn't know where the property line is exactly. Who, SPECIFICALLY, can definitively determine this and how do I get them to come out to ... |
|
 Reverse Mortgages? |
| Can anyone tell me the pros/cons of a reverse mortgage? I have an older family member inquiring about this & I'm afraid it's not beneficial for them. Tell me , anyone......... |
|
 How can a person buy an abandoned house? |
| I'm interested in buying a house that has been abandonded for years. I don't know the exact address or who the owners are/were. I want to know who to talk to in order to find out if the ... |
|
 Hello does anyone a site that shows affordable apartments or rooms in Santa Barbara, CA!? |
| im looking for a site that shows affordable rent for an apartment or room/shared in SANTA BARBARA, CA.if u live there then you know how expensive it is.rent can be as high as $5,000.im looking for 300... |
|
|  |
Me | Can i charge late rent fees to my tenants? |
I have been a landlord for about 15 years now and never charged late rent fees to my tenants. I have had lots of problems and think its time for a change. Does anyone know what the process is for this. Do I have to sent out new contracts to my tenant for them to sign or is a letter sufficient. Do you know of any official places I need to go for advice regarding this
Any advice would be of help
Thanks
C |
 |
 
Voda
 |
I'd assume that a new contract would have to be signed... But i may be wrong
http://www.washingtonpost.com/wp-dyn/content/article/2006/06/30/AR2006063000645.html
may give you some advice |
|
derbyandrew
 |
No you cant generally speaking charge a 'fee'. You can charge interest of , say, 3% above the bank base rate for the duration the rent is late plus maybe a reasonable admin fee and nothing more - and it has to be in the original agreement. Any 'fee' is punative and not permisable in english contract law. The reason behind it is that in contract law you can only claim from the 'offender' any amount that you are out of pocket - in this case a bit of interest and maybe the cost of sending a letter.
|
|
jackson
|
They signed a contract and you can't legally change your policies mid stream. If they are month to month you can start in a month. If it is year so year you have to wait until the end of that year.
In the meantime you could send them a letter reminding them that under the terms of the lease if they do not pay on time they would be elible for eviction. A certified letter the next time if it continues. Now nobody likes to lose tenants because you lose money while the unit is empty. But evicting one that is particularly bad about paying might give the other 14 units a wakeup call.
I have always used the 5 day grace period as some people live paycheck to paycheck and paydays land on different days. This makes you seem more kindly and means less tenant turnover. After a time you will tend to have more long term tenants who do pay on time and tend to look after the place better. They get to know each other and then you tend to have fewer problems of any sort.
How much to charge? That depends on your state. You need to go down to whatever local Housing Authority you have and ask for the laws and documentation that backs them up.
You don't have to send any letters when the time comes. You include it clearly in the lease and have them sign that part as well as the whole lease.
|
|
doinou
|
You can and should charge late fees and enforce them. It's the only way to keep renters from taking advantage. You must honor existing agreements, but you should implement them in all future negotiations. There is no reason to give more than a three day grace period. The first falls on the same date each month. |
|
Trouble
|
You should have a late fee policy and enforce it.
Your late fee policy must comply with your state's landlord tenant laws. If it does not, then it may be unenforceable.
If there are current leases, you need to wait until they expire.
If your tenants are month to month, then you only need to give them a 30 day written notice of the policy.
Add a late fee clause in all future leases.
Keep your late fees reasonable. Some states regulate how much a landlord can charge, some do not.
If you keep the late fee between 5-10% of the rent, you should be safe.
Some states require grace periods, others do not.
If your state has a grace period, you cannot charge a late fee until AFTER that grace period.
If your state does not require a grace period, you can charge the late fee as early as the 2nd of the month. It is good policy to allow the tenants until the 3rd day to pay before charging a late fee.
Another very important clause to add would be one regarding the tenant's liability for legal fees for service of notices.
If a tenant is late paying rent and you are required to serve a Notice to (Pay) or Quit, there is usually a fee. This fee should be passed on to the tenant because they caused the breach by not paying rent.
|
|
Gemma T
 |
You would need to get it drawn up at the start of the lease. If it is not in the contract, then you cant do it.
You will have to take it into consideration for future contracts/or when whoevers contract has expired. |
|
gene m
 |
If your leases are now on a month- to- month or year- to- year basis all you need to do is send a letter stating that there will be a late fee of ( ) for late rent, and this letter is an addendum to, and becomes part of their lease.
You need to give proper notice, as stated in the original lease. If its a year-to-year lease then you need to send the notice on the anniversary of the lease with proper notice as stated in the lease
You might want to hand deliver these letters so they can't claim they did not get it.
BTW some tenants look at a late charge as the right to pay late. If you have a tenant who is late on a regular basis, it might be better not to renew at the end of the term. Tenants are like buses, another one will come along shorty |
|
Lily B Talus
|
put this in your next lot of contracts, but remember that if people haven't paid their rent it is probably because they cant afford it so adding extra charges will make them less able to pay |
|
beermakesufat
|
It would be a lot easier for you to see a real estate attorney. |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
9 | 21 minutes(s) ago
| | | |
9 | 47 minutes(s) ago
| | | |
9 | 3 hour(s) ago
| | | |
9 | 5 hour(s) ago
| | | |
9 | 10 hour(s) ago
| | | |
9 | 1 day(s) ago
| | | |
9 | 4 day(s) ago
| | | |
9 | 5 day(s) ago
| | | |
9 | 1 week(s) ago
| | | |
9 | 2 month(s) ago
| |
|
Homepage 
Financial
Forum 
Renting & Real Estate 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
