Start a new topic

Late Fees Chicago Association of Realtors

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?

My understanding is that this is the legal limit for Chicago.
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
Login to post a comment