As a landlord, you never want to find that your tenant is not paying on time. This can be frustrating on many levels.
However, there's a good chance you'll find yourself in this situation at some point in time. If this happens, you must know what procedure to follow. Here are the things you need to do:
- Consult the lease. Above all else, you need to read through the lease to better understand how to deal with a late payment. Both parties signed the lease, so this legal document will tell you what to do next.
- Make sure you have your facts straights. For instance, you don't want to assume you know the due date, just to find later on that you were wrong.
- Double check late payment fees. This will give you a clear idea of the fees you can access if a payment is not remitted on time.
Along with the above and depending on how long the problem drags on, you may need to learn more about your legal rights. There could come a point when the tenant simply isn't responding, giving you reason to believe that he or she may never make the payment (or payments) that is past due.
Even if you hope it never happens to you, a late rent payment could come into play at some point. As a landlord, you must know the procedure to follow if you find yourself in this situation. Knowing which steps to take, as well as what to avoid, will help you clear the air and make the right decisions.
Source: Rentalutions, "How to Handle Tenants with Late Rental Payments," accessed Nov. 30, 2017