Late Rent Fee Policy
As an experienced, tried, and tested property management company, the following issues come up very frequently and are a constant source of friction and misunderstanding for many renters and homeowners. Please take time to read our Late Rent Policy carefully, and if you have any questions, contact us directly prior to entering into a contract or lease with M1TC.
“Rent” is defined as “all monetary obligations of Tenant to Landlord under the terms of the agreement, except forddeposits”. Tenant agrees to pay, without demand, each month, an agreed sum of money to the Property Manager (on the Owner’s behalf) as “rent” in the amount specified in the lease agreement. Rent is due in advance, on the first day of each month and is considered “late” on the fourth calendar day of the month. Rents are not considered paid until RECEIVED during regular office hours by the office of Management 1 Tri-Cities Realty & Property Management. Payments not delivered on time as a result of postal service delays, holidays, and weekends are still considered late and are Tenant responsibility.
If any amount owed by a Tenant is received late, including various charges such as late rent fees, attorney’s fees, notice fees, missed appointment/trip fee charges, and any expenses related to the enforcement of the lease shall be added onto Tenant ledger as a Tenant expense, as necessary, according to the terms of the lease and Washington State law. If tenant fails to pay any such additional charges prior to posting the following month’s rent, or otherwise does not pay the additional charges on time, the Property Manager shall have the same rights against tenant as if it were a failure to pay rent. The Property Manager has the right to apply any monies received towards past due amounts, paying all oldest charges first. Late rent charges in the amount of Fifty Dollars ($50) per day up to $200 monthly maximum will be charged for any amount owed by the tenant that remains due ON or after the FOURTH calendar day of the month, including, but not limited to shortages of rent due to an older (past-due) charge deducted prior to applying the received payment towards the current month’s rent. Late rent charges will be waived for any mailed payment received late only if the postmark indicates a mailing date prior to the 1st day of the month in which the payment is due. In the event of unpaid rent and/or failure of Tenant to adequately notify Property Manager regarding payment of any late rents or fees, legal eviction proceedings may be initiated promptly, in accordance with M1TC’s Eviction Policy. Official notices, such as a “3-Day Notices to Pay or Quit” may be mailed and posted on any tenant more than 1 day late on rent, as allowed by State law. Eviction proceedings shall be recommended for any tenant more than 21 days late on rent. Tenant shall incur an additional charge for posting of notices, such as 3-Day Pay or Quit notices, in the amount specified in the lease, and for service of Official Notices requiring personal service, such as eviction notices, the amount specified in the lease. Upon the filing of any eviction proceedings against Tenant, Tenant shall incur legal fees not less than the amount of Nine Hundred and Fifty Dollars ($950) for court costs and legal fees. M1TC is not required to remind Tenant to pay rent or any other past due amounts prior to serving notices or filing for eviction.
As stated in your lease agreement, Beeline applies all payments received to the oldest charge on your account first. This is important to recognize, because if you have unpaid charges carried over from a previous month (such as late fees), and these amounts are not included with your next payment, additional rent shortages may result, causing even more late fees. Tenants are encouraged to frequently check their account balance in the Tenant Portal, contact Beeline with any questions, and pay the account balance in full each month to avoid continued penalties or fees.
Management 1 Tri-Cities Realty & Property Management is not a collections agency itself, but M1TC does report all unpaid tenant debt to a collections agency. Be aware that leaving unpaid debts can cause serious damage to your credit. Unpaid debts will be reported to National Credit Reporting Agencies, and will certainly affect your ability to rent or buy homes, or obtain credit in the future. We encourage all renters to take good care of their rental home, pay all rents and any late fees (and all other fees due) on time, and settle all unpaid charges on the rental account before moving out. Cleaning your rental home thoroughly and doing your part to make sure the home is returned in similar condition to how it was received is critical. If any tenant leaves with unpaid balances, contact M1TC to work out payment arrangements before the account is turned over to collections for enforcement.
For any questions about Late Fees, “Oldest Charge Paid First” Policy, or Collections, contact us at any time during regular business hours.