As a landlord, what do you do against defaulting renters? How do you cope with late rent payments? Read this article and learn more.
In order not to stand at a disadvantage with your tenants in the future, every landlord should take due diligence when concluding a tenancy contract between the renters and himself. You might have to consult an estate broker or a suffolk landlord tenant lawyer on this issue so as to do a good job. However, the two parties must understand the period of payments. Like the day the rent payment is due, how rent payment is to be made, who to pay to or where to pay or means of payment must be cleared. The landlord must also specify when rent payment is late.
If the period is understood by the renter and he still went ahead and defaulted in payment, the landlord might do the following. One should however inform the readers that the steps to take against rent defaulter vary from State to State. There are few common ones that may be applied by an ailing landlord.
Issue a rent notice: the first thing to do in this case is to send a Notice of Rent to the renter; be sure the mail is got by him. This will announce him that his rent is late and that he is expected to pay. Likewise inform him that late payment is breaching the tenancy agreement he appended to, and that the consequences of defaulting can mar his credit rating.
Make a phone call: After 2 days you have delivered a Notice of Lateness and there has been no answer from the tenant, you can make a phone call. The call is to find out what might be wrong. Calmly announce the lessee of the consequences of his action if he refused to pay by a specific time, you will commence an evicting proceeding against him. What is more you can do is to send a Notice to End Tenancy Early for Nonpayment of Rent. Demand exactly what you wish from the renter by a specific time.
Eviction notice/attorney letter: The next thing you may do to follow up the actions previously taken is to inform your lawyer to write an eviction notice to the renter instructing him to pay or face the consequences. You must demand that the tenant must pay or face the repercussion of a long island evictions lawyer. You should be specific about the time the payment should be made and be ready to follow the eviction procedures if the renters rejected to pay.
Eviction procedures: At the end of the stipulated time, if the time elapsed and the tenant have not paid the stipulated sum nor leave the property, then inform your lawyer to begin the proceedings to evict the lessee. If not you don’t want to end up losing huge sums of money as rent choose a lawyer vastly skilled in landlord/tenancy eviction to speed up the proceeding of the case.