Cap on Late Fees for Rentals in Virginia?

[April Eilers]

Hi All,

A few questions... 

1. Does Virginia Residential Landlord Tenant Act Apply to Landlords that own fewer than 5 properties? I saw some older articles that said small landlords are not subject to the Act, but I'm now reading the Act itself and I don't see any such global exemption for small landlords.  

2. Am I reading this correctly that I can not charge late fees that total more than 10% of the monthly rent even if I have a different amount in my lease and only own 3 rental properties in Virginia? My current lease states that my late fee is $25/day following the due date so if it was 10 days late the total late fee due would be $250. The monthly rent is $1800, so is it correct that I cannot legally charge $250 and would be capped at $180 max per month regardless of how late the rent is? 

3. I see that there is a 5 day grace period enforced by the Virginia Residential Landlord Tenant Act as well. If unpaid past the 5 day grace period, can I back charge for the late days within the grace period? So for example, if rent was paid on day 7 after the due date, am I entitled to ($25 x2 = $50 in late fees or $25x7 = $175 in late fees)? 

Thanks a bunch!

April