Legal Question in Landlord & Tenant Law in Illinois

Re: Grace period for paying rent

Is it illegal to charge tenants a sizeable fee for being one day late with rent? It is not illegal, however, there are some circumstances where the fee will be unreasonable and can be argued to a court. Is there not a short 3-5 day grace period, normally? Sometimes landlords allow that but there is no requirement. That is why you agree to a rental date so that there is no confusion over when it is due.

Re: Grace period for paying rent

The amount a landlord can charge for a late fee is dependednt upon at least a couple of things. First, the town in which you live may have an ordinance that limits the amounts that can be charged for late fees. Second, even if there is no ordinance limiting the late fee, you may still be able to convince a court that the late fee is too high and is "unconscionable."