When can I charge a late fee?

[Jacob Casarez]

I currently rent out 3 rooms in my home. I have a rental agreement with each tenant-roommate that says when rent is due. Can I Iegally charge late fee per day if rent is not collected? Obviously I would get that in writing on the agreement -- But I ask this question because I heard once about there being a legal 5 day grace period..is that true?? Please help, BP Thanks!

[Adam Bartomeo]

Jacob,

I write my contracts so that the tenant is late the day that I want the payment. So, if I want the rent by the first I write the contract to state:

 The rent is due 5 days before the 1st of the month, if the payment is received on or after the 1st  there is a $50 late fee. If a full payment is not received by the 5th there is an extra $5 per day late fee that will be assessed until the full amount is received.

I manipulate the contract to achieve what I need it to. If you need it by the 5th make the rent due on the 1st and late on the 5th.