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Partial Rent Payment
started a topic
about 9 years ago
I have 2 tenants living in my condo and they split the rent evenly. I have always received 2 checks from them for the rent. This month I only received one check which was exactly 1/2 of the monthly rent. On the 13th of the month I received a partial payment from the 2nd tenant. They still owe $260. I want to send both of them a letter notifying them of the remainder due plus the late fees. The contract states that the late fee will be 5% of the monthly rent if not received on time (with a 5 day grace period). My question is: Do I charge them 5% of the total rent or 5% of just the past due balance? Not sure what is fair.
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