on a two family home are rent late fees legal in nyc?
jam1120 asked:
i made my tentant sign a paper to pay $15.00 a day if rent wasn’t paid after the 5th of the month his rent is $1500.00 a month and every month he has to pay late charges he gives me a hard time i have a two family home
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i made my tentant sign a paper to pay $15.00 a day if rent wasn’t paid after the 5th of the month his rent is $1500.00 a month and every month he has to pay late charges he gives me a hard time i have a two family home
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In NYC late fees cannot be disproportionate to the damages, and those daily penalties are often not considered late fees. They are considered usury and therefore illegal. It won’t matter if the tenant agreed as they can’t agree to something that is against the law.
You would have been much better off charging a flat fee of $50 or $75 or something as it would not be considered unconscionable. If the Judge considers the amount unconscionable, you won’t get it.