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Updated over 5 years ago on . Most recent reply

User Stats

89
Posts
27
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Aaron DiCaprio
  • Rental Property Investor
  • Philadelphia, PA
27
Votes |
89
Posts

What Grace Period is Standard for Nonpaying Tenant?

Aaron DiCaprio
  • Rental Property Investor
  • Philadelphia, PA
Posted

Hi Everyone,

I'm looking for feedback on what grace period should be set forth in a lease for when a tenant doesn't pay by the agreed upon rent due date.  What does the BP community use?  Do certain state laws mandate that a minimum grace period be provided?

Thanks in advance for your input,

Aaron 

Most Popular Reply

User Stats

2,253
Posts
1,655
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Lien Vuong
  • Real Estate Agent
  • Boston, MA
1,655
Votes |
2,253
Posts
Lien Vuong
  • Real Estate Agent
  • Boston, MA
Replied

I have a five day grace period, by the 6th that I do not have the payment they're receiving a Notice to Quit for Nonpayment of Rent. I think it's important to set the standard and tone for what you expect from your tenants. If they're having a hard time tracking money they can always make a bimonthly payment (effectively pre-paying) and work with that but full payment of rent is due on the 5th of every month. 

If they do not pay their cable or cell phone bill it gets cut off right? 

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