One of the most important things you can do as a landlord is to make report rent payment. This way you will be able to monitor how much money your tenant is paying, and you will know if there are any problems that need to be dealt with. Not only should you be able to make the payment on time, but you also need to send the payment late enough so that the landlord can deal with it. Failure to make the payment on time or for too long can cause the entire situation to get out of hand, especially if you have a large amount of late fees. By learning more about how to report rent payment late you will be able to stop any issues before they get out of hand.
First of all you need to make sure that the tenant is reporting rent payment late because it is his or her right. The law says that a tenant has the right to notify you in writing that they are late on their rent payment. They should give you three weeks to either make the payment or offer another date to do it.
You need to check the dates on the forms you have for this report, because you need to make sure that the rent payment is reported on time or early. Usually you will have a grace period of three months after the date of the form to report late payments, but in some cases you might get even longer. Check your local rental laws to find out when your lease will end and how soon you need to report late payments to avoid any penalties. In addition you may need to report the payment by your own funds or provide written proof to the landlord.
After you have made the payment and sent the payment late, the next step is to send a follow up letter. This letter will let the other party know what has happened, and it will also let them know that you are interested in getting the rent payment rectified. At this point you should report that the other party is still making the payment and that you will be sending a check for it later. Be sure to include your name, address, phone number, the amount of rent that is due, and your reasons for wanting the payment to be paid. Check tenant credit reporting.
If at this point you find the check has not been cashed, or the other party has still not paid the rent, you can then move onto the next step. Report the case to the rent payment late reporting/copies section of your local rental laws. In this section you will need to include all of the previous attempts to make the payment and any of the attempts that were turned down by the landlord or building maintenance staff. You will also need to include copies of any letters you have sent to the other party. Always be very specific with your information here so that your claim will be validated.
The last step would be to send a copy of the completed report to the tenant/landlord of the property, and enclose a letter with your report. In the letter you should inform the tenant/landlord of the amount of the rent that is late, and what action that they should take to get the payment from the person. Be sure to include the date on which you sent the payment, along with the signature of the drawer or person who receives the payment. It is important that this correspondence is received within a reasonable amount of time, so that your chances of getting the payment corrected are increased. This will help you get your rent payments paid quickly and will give you peace of mind knowing that the property is properly registered and that you won't have to deal with late payments any longer. Read more about delinquent tenant.
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