Late Fees : ezLandlordForms

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Amanda N

started a topic over 15 years ago

What is the maximum amount of initial late fee allowed in Florida? Can additional late fees be charged daily?

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Bob R

said almost 12 years ago

I wouldn’t charge a late fee and a per day fee. 10% of the rent would be the max, but 5% would be considered reasonable if not paid 5 days after rent is due. If not paid, serve a Pay or Quit Notice. -----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. BTW...check out the Rental Property Organizer at Simp-List.com. Free Trial Download with data.

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Dawn A

said almost 12 years ago

You should check your local statutes because some places have limits on what you can reasonably charge. Start there.

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Shan M

said almost 13 years ago

The Libraries will send a courtesy notice before the item is due suggesting that you return or renew it, however, you are still responsible for any late fees or fines

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Jorge C

said almost 13 years ago

Yes it's OK to charge bank fees' , The bank is going to collect the late fee's from who made the bad check and who deposits check (Landlord). Usually late fee's aren't refundable specially Bank's.

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Judy G

said almost 13 years ago

Thanks. I also am wondering if the fee needs to be designated as non-refundable (most aren't) and if it is legal to add a returned-check charge clause as well.

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Luis M

said almost 13 years ago

You can use either - The Lease off of this website uses "Late Fee"

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Lynn S

said about 14 years ago

Yes, Denise is correct. However, also definitely check your state's tenant law as in many states you are not allowed to charge a late penalty payment unless it is explicitly stated in the rental contract in order to prevent LL from arbitrarily charging blind fees and amounts. If the late payment amounts are written into contract and the tenant signs, they are accepting their liability of terms. If it is not written in, they have not agreed to pay beyond their stated rental amount. As you are inquiring how much you can charge for a unit that is already rented, I am assuming that you did not state in the contract a late amount??

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Denise S

said about 14 years ago

There are no statutory limits on the amount a landlord may charge for a late fee. According to AZ Landlord Tenant law 33-361 - a tenant has a 5 day grace period. Most states do not permit a late charge to be a punitive charge or fee; but rather reasonably related to the costs incurred as a result of the late payment.

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Stan M

said almost 15 years ago

What good are late fees when you can't even collect the rent. Time to move on with this tenant. Cut your loses and serve them with a 3-day notice. I use a company to do this. The notice must be prepared properly. cost in CA is approx $30. This does not cover cost if you take them to Small Claims Court.

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Denise S

said over 15 years ago

The Florida Landlord Tenant Act does not address late charges or late fees charge by a landlord to a tenant for late rent. No limitations are put on the landlord in charging these amounts. A typical lease will have a specific amount due as a late fee/charge if rent is not paid by a specific date, usually the 5th of the month. a good rule of thumb to follow is "reasonable cost". This means a charge should be somewhat relevant to the costs incurred by the lalte payment.

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Ralph F

said over 15 years ago

I don't know that Florida puts a limit on rental late fees, other than general provisions that the landlord not charge unreasonable fees. Most states that DO limit late rent fees generally put the cap at 5-10% of the total rent amount. Best of luck!