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Late Payments and fines for a late rent payment

I wanted to know if I as a landlord can ask for a late payment fee if a tenant doesn't pay the rent on time? I know if I am late on a mortgage payment on a private mortgage I have, I have to pay $250 over and above the regular payment. Is it legal to do it with a month to month rental agreement?
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Yes however the late payment fee can really only be about $35 dollars. Each state has their own requirements! You will not be able to charge $250 I don't think but if it does hinder you and you are penalized you will be able to take care of it in small claims court.
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