Legal Question in Real Estate Law in Illinois
In CHICAGO IL, is it legal to have the rent due on the LAST DAY OF THE MONTH, with a late fee if rent paid after the first? People keep telling me I have to give them a 5 day grace period. Is this true in 2012?
Asked on 11/15/12, 5:05 am
1 Answer from Attorneys
You can have rent due any day of the month but in a month-to-month or year lease it would normally be due the SAME DAY each month. Whenever you set the payment date, that's when you start clocking the 5 day notice period. Any late fee is a separate issue.
Answered on 11/15/12, 1:05 pm
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
