Legal Question in Real Estate Law in Indiana
Late Rent, allowed late fees.
I want to rent a home and upon doing the lease terms, I was wondering is there a State law, that says How muc I can use or have as a Late Fee, if rent is late.?? Do I, myself set the fee amount to be paid if late? As long as the renter agrees, or is there a state law that tells me ?
Thank you, I hope you understand this.
1 Answer from Attorneys
Re: Late Rent, allowed late fees.
As a first time landlord, you should contact an expeienced real estate attorney to answer your questions and more importantly, draft the lease. Paying an attorney to draft a lease that you can use in the future as well can save you tons of grief and costs down the road if everything doesnt go according to Hoyle (which it usually doesn't) The cost is nominal, usually around $150-200 and an experienced attorney can put conditions and terms in that you wont find on the internet or in pre-printed do it yourself forms.
There are limits on late fees and charges and tenants have rights that are protected under state law
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