Clause LibraryLate Fees & Grace Period
Late Fees & Grace Period Clause
Rent
note risk
both lease
Penalties for rent paid after the due date and any grace period before they apply.
Tenant-friendly language
“A 5-day grace period applies; late fees are capped at 5% of monthly rent.”
Landlord-friendly language
“Rent is late after the 1st; a $150 fee plus $20/day applies until paid.”
What to watch out for
Daily compounding fees, no grace period, fees exceeding 10% of rent.
How to negotiate
Request a 3-5 day grace period and a flat cap. Remove daily-accruing charges.
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