How to: One of the factors in determining your Rent is when it arrives…

One of the factors in determining your Rent is when it arrives.

Rent due                     Received        Early days                  Late days

Example Beginning rent                                                             $1600/month

January 1                    Jan 2               _________                  1

February 1                  Feb 1               _________                  0

March 1                      Mar 1              _________                  0

April 1                         April 2 _________                  1

May 1                           May 1             _________                  0

June 1                         June 1             _________                  0

July 1                          July 1              _________                  0

August 1                     Aug 1              _________                  0

September 1            Aug 30              _________                  -2

October 1                    Oct 1               _________                  0

November 1             Nov 3              _________                  2

December 1               Dec 2              _________                  1

Sub Total                                                                                          3                                                                                 

Example Grand Total                                                                $1603/month

(late days total = $ increase per month for next year)

Now late fees are a different story: As the Housing Court Judge told us at our monthly meeting October 27, 2009, “You can’t charge a Late Fee until it’s 30 days late and it should be reasonable.” (???)

Also, Yes you can charge tenants for water and sewer but be mindful of the Massachusetts Statute that allows this, especially where it must be metered seperately.

All the current Rental forms and the Housing Court forms are located here in the members section of our Library at MassRealEstate.net

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