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Updated over 9 years ago on . Most recent reply

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Mike X.
  • Hallandale, FL
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How to word clause in lease allowing tenants to pay electronically

Mike X.
  • Hallandale, FL
Posted

I'm working on my Florida lease and trying to figure out how to have generic statement in the lease that would allow for rent payment  options such as direct deposit / ACH transfer / online payment (Cozy, erentpayment etc...) ?

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Bill Gulley#3 Guru, Book, & Course Reviews Contributor
  • Investor, Entrepreneur, Educator
  • Springfield, MO
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Bill Gulley#3 Guru, Book, & Course Reviews Contributor
  • Investor, Entrepreneur, Educator
  • Springfield, MO
Replied

IMO:   Why try to name all the options? 

Rents are to be delivered so as to provide credit of good funds to the account of the tenant for the benefit of the landlord by the date required. A grace period of X days allows for the delivery of good funds without penalty (if applicable) and a late fee of $250,000 shall be assessed per day (as applicable and allowed). In the event any draft or deposit is made without good funds available a fee of $500,000 shall be assessed for each worthless draft or deposit as an accounting charge. 

Then continue as to what constitutes default and actions required or taken.

Okay, maybe my fees are a little too stiff, LOL  

"delivered" means by hand by the tenant or their agent, by carrier pigeon, by electronic transfer, automatic withdrawls, U.S. Mail, or any other system that accomplishes the task required.     

I'm not an attorney, but that should be common knowledge here. :)

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