What is the law regarding late fees and other charges?

In Virginia, landlords are allowed to charge tenants fees for late rent payments. Any late fee must be reasonable and agreed upon by the tenant and landlord, typically outlined in the lease agreement. These fees can be in the form of a flat fee, percentage of the rent, or a combination of the two. A reasonable fee is typically a dollar amount or percentage which is no more than the average 5% of the rent. Other charges and fees may also be applied, as outlined in the lease agreement. Possible charges may include a late payment fee, a returned check fee, an early termination fee, or a fee for animals or unauthorized persons in the apartment. If the tenant fails to pay rent or any charge or fee by the agreed upon date, the landlord can serve an Unconditional Quit Notice. This notice gives the tenant 3 days to either pay rent, fees, and charges or to move out of the rental unit. If the tenant fails to do either of these, the landlord may take the tenant to court and seek an eviction. It is important for tenants to understand the law in Virginia regarding late fees and other charges. Tenants should read the lease agreement carefully and make sure they understand all charges and fees that may be imposed.

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What is the law regarding late fees and other charges?

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