The short version: Rent is due on the 1st, late after 5pm on the 1st, but we don't charge a late fee until the 4th.
Who this covers: Team, Tenants
The rule:
Rent is due on the 1st of the month. If it's not received by 5pm on the 1st, it's technically late. That said, we don't assess a late fee until the 4th of the month.
Why we do it this way:
The 1st is the due date — full stop. The grace period through the 4th exists to account for weekends, bank delays, and honest mistakes. It's not a second due date. We don't want tenants budgeting around the 4th.
What this looks like in practice:
- A tenant pays online at 6pm on the 1st. Rent is late — but no late fee yet.
- A tenant pays on the 3rd. Still late, still no late fee.
- A tenant pays on the 5th. Late fee applies. We follow process T06 Late Rent.
- A tenant calls and asks for the late fee to be waived. That's a separate conversation — see process T06a Waive Late Fee.
- The 1st falls on a weekend or holiday: Rent is still due on the 1st. The grace period still runs to the 4th. We don't extend deadlines for calendar reasons.
- Tenant claims they paid on time but the system shows otherwise: Go by what the system recorded. If there's a genuine technical issue, escalate — don't just waive the fee on their word.
Legal basis: To be added by legal reviewer
Compliance notes: To be reviewed
Applies to processes: T06 Late Rent, T06a Waive Late Fee
Review cycle: Annual
Status: Needs attorney review