Anyone can have a temporary financial setback or make errors in a checkbook. A good tenant will notify you of a late payment before the rent is due. If you want, you can make an exception for a late payment from a long-term tenant who has consistently paid on time. If you decide to give your tenant a grace period, it's best not to go beyond three to five days. You do however, need to be careful that you do not violate fair housing laws by establishing preferential treatment.
If needed, a catch-up payment schedule might need to be worked out to move the due date back a week or two. Be sure to put your agreement in writing and keep track of the payments. If they meet the scheduled due date on time, you have nothing to worry about. If not, your only option is to start the eviction process by giving them a Pay Rent or Quit notice or Unconditional Quit notice with specific dates for leaving.
Bradford Miller Law, P.C. focuses on real estate law, landlord tenant law, building code violations and estate planning. We are committed to providing you with expert legal support and approach every client with a focus on integrity, advocacy, and understanding.
At bradfordmillerlaw.com you will find helpful landlord information along with information about our firm. To discuss your pending or potential real estate transaction, your ongoing legal needs as a property owner or landlord, or your estate planning concerns, call us at 312-238-9298 for a FREE 15-minute consultation. Or you may reach out to us online anytime.
Posted by Bradford Miller Law, P.C.
Practicing in Real Estate Law, Landlord Tenant Law, and Estate Planning
134 N. LaSalle, Suite 1040
Chicago, IL 60602
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