Late fees

[Michelle Kocurek]

We have a commercial building with renters that are in their last month. We have not received the rent yet (surprise!) and was wondering if we can deduct late fees from the security deposit. Property is in Texas. Here is my problem, this was a lease back to the sellers. The contract that was drawn up was done by the two realtors and I was told in Texas that is the standard when doing a lease back. I now noticed that my realtor didn't put in the late fee I requested in the contract. Something I didn't catch before closing. I know, I know, but this purchase was a headache in dealing with the realtors (never will use this one again!) and we just wanted to get it done. 

So, are we stuck with waiting for rent with no added late fees or what? As I said, they will be out at the end of the month. 

[Bret Allen]

@Michelle Kocurek

Unfortunately your remedies are generally limited by the contract terms and the statute.  You may want to take a look at Texas Property Code Section 93.011 and seek the advice of a local attorney if you have further questions.  It is usually not a great plan to assume rights that you aren't clearly entitled to via the contract, statute, or other law.  

Disclosure:  Bret Allen is an attorney licensed in Texas and California but he is not your attorney.  The information shared here is for general education purposes only and does not create an attorney client relationship.  You should seek the advice of your own attorney before making any decisions from information found here.