Landlords and tenants have respective rights as well as obligations in the process of renting out or leasing a property or rental unit. The former is obliged to provide a habitable and quality environment and venue to his potential renters and the latter is obliged to adhere with the terms and conditions indicated in the lease agreement including up-to-date rent payment.
Late monthly rent payment is definitely one of the many hurdles in having a profitable and productive rental investment and this must be dealt with promptly and accordingly. As landlord, you have the rights to demand and collect payment of the monthly rent as indicated in the signed rental agreement of both parties. Hence, the lease agreement must be the very basis of all the necessary steps you ought to take.
Writing a letter that is basically reminding the tenant of his due payment is imperative. This will serve as record of all your communication and make sure that you keep them all intact and safe. You can use these letters and records in case your tenant still does not budge with the payment. Furthermore, this will serve as future references should you have any problems in dealing with the rent collection. In case you take legal measures and needed necessary evidences and proofs, these letters will certainly come in handy.
Lease agreements especially the ones that deal with monthly rents must also include fees and penalties specifically when it comes to late or tardy payments. Have your lease agreement ready and include in your letter of reminder the amount of the late payment fee and the new amount that the renter owes you including what you charged for the tardy rent. There are also inclusion of a grace period which you must clearly indicate in the letter so that the tenant would know exactly the schedule he is obliged to pay the said amount.
Dealing with monthly payment of rent especially when it is way past the due date is quite a tricky and legal issue to deal with. Hence, it is obligatory that you consult with your attorney or property management company if you are working with one. These important entities are the ones with substantial knowledge, training and accreditation to assist you and giving you advice as to the most appropriate step and measures to take.
It is a good thing if your tenant agrees and readily complies with all the obligations indicated in your missive. However in case your tenant continues to intentionally neglect and ignore your warning, then you must find the ultimate measure in dealing with his case. Tenant eviction is a legal proceeding which you must basically learn and understanding along with the advice and supervision of your attorney. This would be after you have exhausted all means of rent collection but your tenant is still not able to comply with his payments.
Monthly rents fuel the operation of your business hence make sure you protect and resolve any problems specifically when it comes to late and missed monthly rent payments. This will ensure that you still have a profitable and fruitful investment after all.
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