theJaw wrote:> Help me understand something, GTZ. The wife and I just moved into a new apartment.
> It’s very expensive but we didn’t have a ton of time to search at all because our
> former landlord made a very abrupt decision to sell the building - and considering
> we were tenants at will, we had to find a spot quickly.
>
> Anyhow, her and I have anxiously been wondering if we misunderstood the terms of
> the lease regarding late fees. How would you interpret the wording here:
>
> “Your rent is due on the 1st of each month. If we do not receive your rent and other
> recurring charges, in person before the close of business, or electronically by 11:59
> pm local time, on day 30, you will be charged a late fee as follows:
>
> 5% on the 31st”
>
> Am I to understand that, should we have a remaining balance after the 1st, there
> would be a 5% fee applied to each day that the balance exists — which would then
> be billed as a lump sum on the 31st day? Or is it saying we have a 30 day grace period
> to get the remaining balance paid off before the late fee is applied?
>
> We figured it was the latter, but I’ve been in my head about it the entire last month.
> I’ll email them to be sure but just figured I’d ask for opinions here. We never plan
> to be too late paying if we miss the due date, but that’d obviously become a lot
> more difficult if fees are building each day. Bi-weekly paychecks be damned.
>
>
The way I understood it was that if the rent isn't paid on time, then there is a 5% fee applied immediately. But I certainly wouldn't think that it's an additional 5% on each additional day.
(If you didn't yet ask, maybe don't. Perhaps they'll say "oh yeah, of course it's 5% stacked per each day," even though that's not what it really was. Just a thought that popped into my mind)