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Thread: Late rent

  1. #1
    Join Date
    Mar 2007
    Posts
    111

    Default Late rent

    Hi

    How is interest on late rent calculated? For instance - rent payment for Feb-Mar-Apr is late. How is interest calculated and
    what happens if this interest is also not paid on due date?

    Cheers.

  2. #2
    Join Date
    Nov 2006
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    Cyberspace
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    5,606

    Default

    Read your lease.

  3. #3
    Join Date
    Sep 2004
    Location
    Hastings
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    14,032

    Default

    Commercial or residential?
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  4. #4
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    Nov 2006
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    Default

    I made the assumption it was commercial Perry. Sorry. It's just that it appeared in the commercial part of PT.

  5. #5
    Join Date
    Sep 2004
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    Hastings
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    Default

    Seems fair enough to presume that, especially as it is not an option for residential.

    Plus, I should read the section heading more carefully.
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  6. #6
    Join Date
    Sep 2007
    Location
    Auckland
    Posts
    7,997

    Default

    Yeah it's actually kind of tricky.

    I had to get a template from an accountant when I did it years ago.

    Because as time goes on you have to update all the amounts.

    And you may have part payments in there etc.
    Squadly dinky do!

  7. #7
    Join Date
    Mar 2007
    Posts
    111

    Default

    Thanks everyone. Yes, it is commercial property with an ADLS lease which states a default interest rate.

    My question was around how to calculate the interest payable? Is it fixed - i.e. added every month or cumulative i.e. calculated daily and invoiced periodically?

    Sorry if the initial question was less clear. Any advice (or template) appreciated.


 

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