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Updated almost 3 years ago on . Most recent reply

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Justin Ford
  • Duplex Investor
  • New Tripoli, PA
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Lease wording for discount for on time payments

Justin Ford
  • Duplex Investor
  • New Tripoli, PA
Posted

Can someone help me with some legal wording for our lease regarding discount for on time payments. We are charging no late fees, but if they are on time, giving a discount. We are upping the rent by $50 and then giving them a discount for paying on time of $50 per month. I just need to know how to word that correctly. If anyone does this, and has it in their lease, I would appreciate you sharing that wording. Thank you!

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Dawn Anastasi
  • Rental Property Investor
  • Milwaukee, WI
4,343
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Dawn Anastasi
  • Rental Property Investor
  • Milwaukee, WI
Replied

I never give a discount for paying early.

My mortgage company doesn't give me a discount for paying early. Neither does the city for paying property taxes, nor does the utility company for paying gas/electric. Come to think of it, neither does the department of public works for paying the water bill early. My contractors don't give me discounts for paying early.

So if all those people don't give me discounts for paying early, why should I give my tenants a discount for paying early?

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