Inheriting month to month tenant

[Elenis Camargo]

Hi BP! We are getting into our third inherited tenant but this one is a little different. The tenants have been month to month for 12 years and do not have a lease at all. I don't mind leaving them month to month because my husband and I plan on moving into the property next summer when we leave New York but I am not sure about a few things. 

1) How long do they have to pay rent before it's considered late? 

2) If they do pay late, can I charge a late fee? If so, how much?

I already know I have to give at least 15 days notice legally for them to move out, although I'd give much more than that considering how long they have lived in the property, but I cannot find information on late payments or late fees. Thanks in advance for the help!

[Thomas S.]

When rent is due is based on their past practices with the previous landlord. If they generally pay on the 1st then rent is late on the 2nd. Without a written lease or esstopal letter you do not have a set grace period for Fees.

What you must do is draft a new M2M lease with everything in it you want, while respecting your state landlord tenant regulations, and have them sign it. That new M2M lese will then carry forward until you non renew. I would not be too concerned about late fees just tell them that you do not tolerate late rent payment. It is due on the first and if they do not pay on time you will give notice to non renew. Never tolerate late payments. It is a violation of the lease.

Remember late fees have nothing to do with when rent is late. When rent is due on the 1st it is late on the 2nd regardless of whether there is a 3, 5, or 10 day grace period before late fees take effect. The notice to pay or quit is always issued the day after rent is due.