Are there limits on how much a landlord can charge for late fees?

Yes, there are limits on how much a landlord can charge for late fees in New York. According to New York law, a landlord can charge a late fee on a rental agreement that is five percent of the rent due for the month. This late fee cannot exceed $75 and cannot be charged until the rent is at least 5 days late. Furthermore, the landlord can only charge this late fee once a year, so if the rent is late multiple times in a year, the landlord can only charge a maximum of $75 total. If the rental agreement includes a grace period, the landlord cannot charge the late fee until the grace period has ended. For example, if the rental agreement says the rent is due on the first of the month, with a five-day grace period, the landlord cannot charge the tenant a late fee until the sixth of the month. Landlords also cannot charge a tenant late fees to cover the costs of late rent notices. Any fees associated with late rent, such as costs for notice delivery, must be paid by the landlord. Additionally, a landlord cannot charge a late fee for rent that is past due due to a delay in processing the tenant’s payment. In summary, New York law places limits on how much a landlord can charge for late fees and includes provisions for grace periods and notice delivery fees.

Related FAQs

What are the legal consequences of not complying with the terms of a lease?
Are there laws that protect a tenant from harassment?
What do tenants need to know to break a lease without penalty?
Are there any regulations governing the eviction process?
What is the landlord's responsibility for repairing a unit?
How does a lease affect rent control laws?
Are there limits on the amount of rent a landlord can charge?
Can a landlord demand a higher security deposit from a tenant with bad credit?
What are the different types of residential leases?
What types of rental agreements are legally binding?

Are there limits on how much a landlord can charge for late fees?

Related FAQs

Related Blog Posts