Late payment fee in Georgia? : ezLandlordForms

Y

Yvonne L

started a topic over 12 years ago

I've got a house renting for $1,000 mo. Should I charge 10% (100.00) or is that too much? How much should I charge after 3-5 days of non-payment?

B

Bob R

said over 12 years ago

Check with other rental agencies in your area and ask them for a copy of their rental agreement for review. You could also stop by their office pretending you’re interested in renting from them but need to review their Agreement. The Agreement should state the late fee and when it is applied. Usually, late fees run between 5-10” of the rent. . -----Disclaimer: Since I’ve been answering a lot of questions, I thought I would make the following statement. I’m not affiliated with EZlandlord Forms. I’m just here (not sure how long) to help those that have questions. Having 40+ yrs with Rental Property and done well, it’s my way of “Pay it Forward (check out the movie).” However, it is up to you to become familiar with your State/Local laws. I always like to know if the suggestions I offer are helpful. Feel free to comment anytime. Thanks in Advance.

B

Bob R

said over 12 years ago

5-10” = 5-10%

Y

Yvonne L

said over 12 years ago

Georgia State law doesn't stipulate...it just says "reasonable amount".

B

Bob R

said over 12 years ago

That's why I suggested you check with other rental agencies to see what they charge. Usually, it's 5 -10% of the rent