[RPPTL LandTen] residential lease late fees

[Greg Hass]

Our FAR "Residential Lease for Single Family Home or Duplex" has a Section 6 dealing with late fees.  It has blanks to be filled in for both the amount of the late fee and the number of days after rent is due that it becomes "late".  If left blank, the default setting is 4% of the rent payment for each rent payment made 5 days after the rent is due if paid monthly.

I'm curious to hear what the committee members thoughts are as to what the maximum the late fee can be before it is deemed unconscionably high/usury by a judge and rendered unenforceable - has anyone seen any cases on this?

Thanks,
Greg

Greg Hass, Senior Counsel

Office of Law & Policy | FloridaRealtors(r)
7025 Augusta National Drive, Orlando, FL 32822
talk: 407.438.1400, ext. 2421
visit: http://www.floridarealtors.org

The Voice for Real Estate(r) in Florida

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