Lease dictionary
Late fee
The charge for paying rent after the due date (and any grace period).
A late fee is what the lease charges when rent arrives late. To be enforceable it generally must be written into the lease, charged only after any statutory grace period, and be reasonable - several states cap it outright (commonly 4–10% of rent or a flat amount).
Courts treat excessive late fees as unenforceable 'penalties,' especially daily fees that snowball without limit.
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