When you signed your lease, you may have glossed over the section on late payments. After all, you planned to pay your rent on time, so you didn’t feel like the fine print was worth reading.
But even those with the best of intentions can run into a cash squeeze from time to time. So what do you do if it’s the first of the month and you’re still waiting on a check to clear so you can pay your rent?
While your landlord isn’t likely to lose it over one late payment, you need to know what to expect when your rent is late.
Communication
The first and most important thing to do: talk to your landlord. Many landlords are fine with an otherwise great tenant running a few days behind on rent as long as you give them a timely heads-up. If you keep your landlord in the dark, he’ll be more likely to panic and start trying to collect.
As soon as you know you’re going to be late, give your landlord a call. Have a brief explanation and the date you can pay in full ready before you even pick up the phone.
Late Fees
Most landlords and property management companies charge a late fee if the rent is not paid on time. Fees can vary: Some landlords only charge a one-time fee, while others charge an additional fee for every day you’re late.
The late fee will be listed on your lease, so check your paperwork. When you do pay your rent, include the rent plus the late fee.
In most areas, the landlord has the legal right to deduct any missing late fees from your security deposit when you move out, so you can’t avoid paying up.
However, if you feel the fee is too high, grab a copy of the landlord and tenant laws in your state from your state’s government website or a local courthouse. Most states have laws on how much a landlord can charge.
Grace Period
Some states require landlords to give tenants a grace period before imposing any fees. You may also have a grace period written into your lease. If you do, you can pay anytime within that time frame without having to pay a late fee.
Advance Warning
If you’re more than a day or two late, your landlord might put a collection notice on your door—especially if you didn’t contact him in advance. In some states, landlords are legally required to issue warning notices to late-paying tenants before they can take any further legal action.
The notice should explain the time frame for making payments and how to get in contact with your landlord. If you feel the landlord is acting in a threatening manner or asking for too much, contact a housing authority office or real estate lawyer in your area for help.
Eviction Notice
If you fail to pay your rent within a few days, your landlord may choose to evict you. While most cases never get this far, it helps to be prepared for the possibility.
Start by reading the eviction policies in your state’s landlord and tenant laws. This will explain time frames, what your landlord is allowed to do and how you can get help if you think you’re being treated unfairly.
