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You have a property where rent is due on the 1st. If the lease states that the rent should be received by the LL on or before 1st? Does it mean that it is ok for tenant to deposit a check on Saturday (1st of month) which clears Monday (3rd) night or on 4th next day? Is it worth it haggling the tenant about it or no? If a gentle reminder is sent to tenant on 1st of the month (if it is a Saturday) about the rent is it considered too harsh or is it normal procedure? Need some feedback. I would expect to deposit check on Friday 31st but seems like its not a big issue to some.
I think you should give them 'til the next business day... Particularly if they have given the check, it just hasn't cleared yet. No, I don't think the span of a weekend is worth hassling tenants about. People who are paid on the first are not usually paid early because of a weekend.
You have a property where rent is due on the 1st. If the lease states that the rent should be received by the LL on or before 1st? Does it mean that it is ok for tenant to deposit a check on Saturday (1st of month) which clears Monday (3rd) night or on 4th next day? Is it worth it haggling the tenant about it or no? If a gentle reminder is sent to tenant on 1st of the month (if it is a Saturday) about the rent is it considered too harsh or is it normal procedure? Need some feedback. I would expect to deposit check on Friday 31st but seems like its not a big issue to some.
Tony,
Check your lease. Rent may be "due" on the 1st but it likely isn't "late" until a few days later. If you gave the landlord the agreed upon rent on the 1st (be it Xmas, Easter, Saturday, or Sunday), it's not your problem. Dollars to donuts your rent receipt says you gave them the money on the 1st.
I can't believe a landlord would create conflict over this. Sounds like you have a real gem on your hands.
When the check hits your hand it is deemed received, not after it clears. Funds were maid available to you on time it isn't the tenants fault or problem that the bank wouldn't clear the check until a later date.
Are you the landlord, OP? If you want to be strict that rent is due on the first, then your tenants should have their rent to you on the first (or before).
Several banks around here are open on Saturday. A weekend rent problem is only really a Sunday rent problem. Mail gets delivered on Saturday, too. As far as I can tell, I can do all of my online banking 7 days a week 24 hours a day. A check paying tenant could give a check to the landlord on the 30th and dated the 1st, with a request to not deposit it until the first.
Myself, if the first is a weekend, I'd be happy enough to receive the rent by Monday. A lot depends upon how many units you have. A landlord with 200 units does not want rent straggling in for 2 weeks. They want the rent all at the same time.
Me, I have rent due dates all over the month. Whenever the tenant signs the lease, they can have that as their due date, or they can prorate to the first. Many of my tenants like to have rent due on the 5th or the 9th instead of the first. I could not do that if I had too many units to keep track of.
The weekend due date hasn't been an issue for me because my tenants with a due date that isn't the first always pay early. They will pay from their check on the first, so are sometimes as much as 2 weeks early with their rent.
A little off topic, but I've had several tenants who pay with the bank bill pay service where the bank mails a check. If the tenant has always been good, I don't get too upset if that rent is a couple of days late becasue those banks are slow to get checks mailed out. My only tenant who is using that service right now has the bank mail on the first but his rent isn't due until the 10th, so the check takes too long to get to me but it is still on time.
Nope. It's due NO LATER THAN the first.
LL's and tenants can each read a calendar.
Quote:
If the lease states that the rent should be received by the LL on or before 1st...
does it mean that it is ok for tenant to deposit a check on Saturday (1st of month)
which clears Monday (3rd) night or on 4th next day?
NO. It's not.
Quote:
Is it worth it haggling the tenant about it or no?
Does the lease (or law) also have a "grace period" ?
This is a good example of when one could apply.
Quote:
I would expect to deposit check on Friday 31st but...
Whatever degree of right the LL may have to push the matter...
actually pushing it (in the example given) is petty.
Thanks everyone. My tenants are new (3 months or so) and they are really nice in terms of requests and follow-ups and over all business relationship is positive with them. In order to avoid them wire transfer charges, it was decided to get rent via deposit in my account using their check and my deposit slip (since they have different bank)
My bank is open till noon Saturday. I hadn't seen deposit from them till 11.00 am on 1st April so I decided to inform them if they were going to be depositing the rent on 1st or not. I got the deposit in next 30 mins but I just wanted to know if I was being unreasonable by not allowing end of day till April 1st. Lease states that LL should receive funds by 1st or earlier. I knew that if deposit wasn't made on 31st I wouldn't receive funds by 1st or even Monday 3rd but I wanted to ensure that its not late or else I would be compelled to charge these nice ppl late fee by April 3rd. So far the check hasn't cleared. It will clear tonight midnight. I don't want to be hard @## about it but I don't want to setup wrong expectation this early on in the relationship.
Just wanted to see if I was being reasonable for informing them about deposit on 1st itself?
You have a property where rent is due on the 1st. If the lease states that the rent should be received by the LL on or before 1st? Does it mean that it is ok for tenant to deposit a check on Saturday (1st of month) which clears Monday (3rd) night or on 4th next day? Is it worth it haggling the tenant about it or no? If a gentle reminder is sent to tenant on 1st of the month (if it is a Saturday) about the rent is it considered too harsh or is it normal procedure? Need some feedback. I would expect to deposit check on Friday 31st but seems like its not a big issue to some.
If the rent due date falls on a weekend or holiday I don't expect the rent till the following business dayor Monday. Most of my tenants pay before due date. One guy is absent minded and gets rent by the 4th. I don't stress too much over it because they all keep the properties absolutely perfect. I expect the rent preferably to be in by the 1st. But I give all my tenants till the 4th. After that it's late. I send no reminders. If they can't be adult and take care of their business I will charge late fees. I can't remember the last tie I charged a late fee. I know I threatened a few times
You have a property where rent is due on the 1st. If the lease states that the rent should be received by the LL on or before 1st? Does it mean that it is ok for tenant to deposit a check on Saturday (1st of month) which clears Monday (3rd) night or on 4th next day? Is it worth it haggling the tenant about it or no? If a gentle reminder is sent to tenant on 1st of the month (if it is a Saturday) about the rent is it considered too harsh or is it normal procedure? Need some feedback. I would expect to deposit check on Friday 31st but seems like its not a big issue to some.
If rent is due on the first, that's when the money should be in your hand/bank. Not the second, not the third and not the next business day..when it hits your hand/account, that's when you call it 'paid'.
if you receive it after the first, it's late.
No need to send a reminder, they know when rent is due.
If they can deposit the payment at an ATM it could be done on the first of every month..if they can't, then they need to do it on Friday if the first falls on a weekend or mail it a few days before.
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