Fr_Chuck
Dec 26, 2010, 03:56 PM
Rent is due the day it is listed on the lease. Normally the lease will allow a number of days before there is any late charges, but they do not have to.
ScottGem
Dec 26, 2010, 04:46 PM
NYS law does not provide for a grace period of ANY length. However, for a late fee to be charged it has to be listed in the lease. On the other hand case law in NY has allowed a reasonable (5% or less) fee to be charged if rent is not paid on the due date (except when the due date falls on a weekend or holiday).
Why do you ask?