@GJS , as per your question:
- "Could you please review my wording of late fees and dates?"
First of all I apologize for the delay in responding.
Today was the first day of school for the year for 2 of our 3 boys.
Thus, we have been having fun with our "School Supply Hunt" :-).
Your wording looks great for the:
- Rent Increase (Just verify that you are giving them enough lead time as per your State Law)
- Rent Due: On the 1st
- Late Fee: $35 If Not Paid On Or Before The 5th
I would clarify what you are using as your "Date" to determine Late Fees and Evictions. For Evictions you indicate that if the payment has "not been received by the 11th". What does "received by" mean? Do you have a collection box on-site or does your manager collect on-site?
We do not have a collection box on-site.
We use the United States Postal Service Postmark Date to determine Late Fees and Evictions.
I would also clarify when the $100 Late Fee is Due. Is the Late Fee due on the 12th or on the 1st of the next month?
Our Late Fees are Due immediately.
Actually, we have changed our "Customer Payment Responsibilites" to be more restrictive, because even though the Rent was Due on the 1st...some Tenants would not mail it until the 5th.
Now our policy is:
• Due: 1st Day Of Each Month
• Late Fee - $25: 2nd - 5th Days Of Each Month – If Rent Envelope Is Postmarked The 2nd - 5th, A $25 Late Fee Will Be Imposed Immediately With No Written Notice.
• Late Fee - $100: 6th Day Or Later Of Each Month – If Rent Envelope Is Postmarked The 6th Or Later, A $100 Late Fee Will Be Imposed Immediately With No Written Notice.
• Eviction Process Begins: 6th Day Of Each Month – All Rents & Fees Not Paid In Full –The Eviction Process Will Begin The 6th Day With No Written Notice.
In addition as per our State Law we include the following on both our Month-To-Month Leases and Monthly Bills:
- "IF YOU DO NOT PAY YOUR RENT ON TIME THIS IS YOUR NOTICE. IF YOU DO NOT PAY YOUR RENT WITHIN FIVE DAYS OF THE DUE DATE,
THE LANDLORD CAN START TO HAVE YOU EVICTED. YOU WILL GET NO OTHER NOTICE AS LONG AS YOU LIVE IN THIS MOBILE HOME PARK."
We wish you the very best!