If you are a first-time landlord, you should know the steps that you can take when tenants are late with rent payments. You will find that this is one of the biggest issues that you will have to deal with as a landlord, that it has always been an issue, and that it is likely to continue being an issue. Since you are probably going to have to deal with this particular issue, you need to familiarize yourself with landlord/tenant law in the jurisdiction where your rental properties are located.
While it is true that most states have enacted similar statutes, there may be different timeframes and notification procedures. This is why it would be beneficial for you to become familiar with rental law, and the processes involved so that you do not violate any rights that the tenant may have.
You have rights as a landlord, and one of your basic rights is to receive rental for you property in a timely manner. If you do not receive timely payments, then you need to take the required steps to enforce your right to be paid rent on time.
When you are preparing the rental agreement, make sure that it includes provisions for late notices, fees for late rental payment, and attorney's fees and court costs. When the times comes to deal with a tenant who is late with the rent, you will already have the provisions in place to collect for all of the expenses you might incur.
When a tenant is late, you need to allow the grace period, which is usually five days, to elapse before you give the tenant a late payment notice. Furthermore, you should allow the tenant adequate time, usually 2 to 4 days, to respond to the late notice.
If the tenant has not responded within the allotted time, you have the option of sending an attorney's warning letter, advising the tenant that to pay rent and late fees before court eviction proceedings begin. You can send a notice to Pay Rent or Quit and a Demand for Payment, along with the letter, and you can let the tenant know that non-payment will have a negative impact on his/her credit report.
If all your efforts to collect rent fail, then you need to be prepared to proceed with legal eviction through the court system. Unless you are an expert in landlord/tenant law, you should not proceed with the eviction on your own the first time.
Go through your attorney, and take time out to learn the ropes and intricacies involved with the eviction process. You will gain valuable experience so that you can carry out evictions when other tenants fail to pay their rent.
When a tenant is late with the rent, you should not allow too much time to go by before you start notification and other proceedings. Your tenants need to know that you will meet your responsibilities as a landlord, that you will be tough, but fair, and that they will be expected to meet their tenant responsibilities.
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