Legal Question in Real Estate Law in New York

Rental agreement clause

I own rental property. I have the tenants sign a month to month rental agreement. For late rent it states there is a 5 day grace period after that a $10.00 per day late fee is charged. Is this enforcable or unreasonable?


Asked on 12/30/02, 4:56 pm

2 Answers from Attorneys
Walter LeVine Walter D. LeVine, Esq.

Re: Rental agreement clause

If the tenant has agreed, you are allowed to charge a late fee. Usually it is a flat amount or percentage (like $50.00 or 5%), but a daily rate is also legal.

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Answered on 12/31/02, 11:51 am
David Slater David P. Slater, Esq.

Re: Rental agreement clause

If they agree in writing it is ok.

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Answered on 12/30/02, 7:17 pm


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