Even if you agree to rental payments made through present checks or electronically from your tenants, you can meet a period of time when your lodgers has no sources to cover their payments — and your account is hit with a charge. Bounced checks produce waste of time and efficiency, and property-owners should not allow tenants to take a returned rent check as anything less than the serious and problematic case it is.
Many proprietors require urgent full payment from their tenants for the rentals, any related late fees, and an individual handling payment. The handling fee should cover both your bank’s returned check fee and your organizational time.
Check your community and nation laws regarding the quantity of late and returned check fees you can charge. You may be able to charge a tenant fine and interest; or you may be restricted to a flat fee.
Additionally, check your district and country’s regulations or with a proprietor/tenant attorney regarding if late and returned check fees must be spelled out in lease agreements. In a number of states and communities, fees must be openly stated in the lease or the property-owner may not charge them. In others, whether or not the rent features the fees has no bearing.
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