One of the biggest challenges for real estate agents and property owners is collecting rent. Although there are laws, such as the Tenancy Act, that protect the interests of the landlord, problems can still arise during a rental agreement.
One of these problems is late payment of rent . However, the landlord needs to take certain steps before taking legal action.
That’s why we’ve created a practical guide on the law, how to charge interest on late rent, and also on the possibility of eviction. Keep reading!
Browse the content
What does the law say about collecting late rent?
Rent represents the payment of the new zealand whatsapp number data that a person needs to make to live in someone else’s property . However, since it is a financial and contractual relationship, the Tenancy Law (No. 8,245/91) clearly establishes the responsibilities of the tenant and the landlord.
This law encompasses contractual and financial obligations of tenants and, among them, there is a clause that covers rent:
I – pay the rent and lease charges promptly, legally or contractually required, within the stipulated period (…)
Therefore, it is the tenant’s obligation to pay the rent within the established period. Therefore, it is important to set a due date that is comfortable for both parties.
In 2009, the law underwent some changes that directly impact the rights and duties of tenants and landlords , in order to facilitate the resolution of possible conflicts between both parties.
One of the law’s drawbacks is late payments. The landlord may charge, in addition to a fine, daily interest until the outstanding amount is paid in rent. However, both fees, with their respective rules and percentages, must be set out in the contract.
When do I start charging late fees?
Every contract that includes why choose seo promotion outsourcing? transactions, such as rent, already has clauses that establish payment terms and methods, including interest and fines that will to late payments.
There is no legally amount for charging the fine . According to the legislation, there is also no specific deadline, and the fine can even if payment is one day late . However, this deadline must in the contract.
Although there is no set fine amount to most contracts provide for a percentage that varies between 2% and 10% per month — these amounts may vary depending on the landlord or real estate agency.
On the other hand, unlike the fine, which varies depending on the contract, the daily interest charged for late payment has fixed values.
What is the legally permitte interest rate for late rent?
The maximum amount of interest europe email for late payment, according to the Tenancy Law, is 1% per month . The calculation of daily interest begins on the first day after the due date .
Although it is possible to perform this calculation manually, there are systems that already create charges, providing for the application of fines and interest upon payment after the deadline.