As a landlord, can I rateably reduce the deposit for unpaid late fees?
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As a landlord, can I rateably reduce the deposit for unpaid late fees?
M tenants pay their rent late every month and I’d like to take the late fee out of the deposit. Is that allowed?
Asked on June 22, 2012 under Real Estate Law, New Mexico
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
If your presumed written lease agreement with your tenant does not state that you can debit the late fees the tenants accumulate from their deposit with you, you cannot do so.
I suggest that you simply invoice the tenant each month the late fee they accumulate and deal with any unpaid issues concerning such when they or you give notice of the termination of their tenancy.
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