Can My Landlord Charge Intrest After Four Days Late?
Landlord sent a letter stating that he is given a three day grace period for rent. A 3% of rent payment on the 4th day, 6% on the 5th, and etc. Stated also if not signed, it could result in termination of "at will". Is this legal?
I am almost positive the landlord cannot charge this fee unless it was in your lease contract/agreement when you moved in and signed it. Most landlords just charge a set late payment fee, but as long as its in the lease that you signed you are bound by its terms.
If you don't remember that part in the lease, pull out your copy and go over it to make sure. If the landlord is sending this to all the tenants as an "amendment" to the leases, you are only liable for your original lease agreement.