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

In Virginia, landlords do have limits on how much they can charge for late fees. This is covered under Virginia Code Section 55.1-1220, which sets out guidelines for security deposits and fees. According to this code, landlords cannot charge a late fee that is higher than 5% of the monthly rent amount for any given month. So if your rent was $1000 for the month, you could be charged no more than $50 in late fees. But keep in mind that late fees must be reasonable and proportional to the amount of rent. If the landlord is charging a fee higher than 5% of the monthly rent, it may be considered unreasonable and in violation of the law. So it’s important to know what the fee is for and to ensure that it is fair and proportional to the amount of rent due. Another important thing to note is that late fees cannot be imposed until after the rent is 15 days late. Landlords are typically required to give notice to tenants when rent is overdue, and a late fee cannot be imposed until after that notice is given. Overall, landlords in Virginia are limited in what they can charge for late fees. These fees must be reasonable and proportional to the amount of rent, and cannot be imposed until after the tenant has been given notice. Knowing these rules can help you protect yourself from exorbitant late fees.

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

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