Late Fees Chicago Association of Realtors : ezLandlordForms

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Late Fees Chicago Association of Realtors

k

kenneth z

started a topic over 3 years ago

I saw this wordage in a sample lease from this organization. Can we state this in our lease? If not, what is the maximum amount we can charge for late fees in Chicago IL?

2 Comments

J

John P

said over 3 years ago

My understanding is that this is the legal limit for Chicago.

k

kenneth z

said over 3 years ago

Late Fee. The Monthly Rent shall be automatically increased $10, plus 5% of the amount by which the Monthly Rent exceeds $500, as additional rent, if received by Landlord after the 5th of the month for which it is due. This is the words that were in the lease

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