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Among the problems faced by property owners today are the late payments by their tenants. What will you do when this happens to you? Do not worry; you can take certain steps to put a stop to this. It is essential that you take actions because this will cause a lot of troubles for you especially if you are depending on the rent payment to pay your monthly mortgage.

Here are some important points to remember:

You have to set rules. Before you let the tenant stay in your property, he should agree to the rules and regulations first. Make sure that this includes terms of payments. Specify a date for each month when the tenant has to pay his rent. Include the penalties or consequences if payment is late.

Take note of the late payment. If he is late, send him a letter indicating such. You can also deliver it personally to make sure that he receives it. The letter should indicate how many days he has been late, the corresponding amount as well as the other amounts associated with it.

You may skip the above mentioned step if you are in dire need of the payment or if you can no longer wait for it. If this is the case, prepare a 5 Day Notice to Vacate. Deliver this notice personally to the tenant. If he is not around to receive the notice, give it to any member of the household. He should be at least eighteen years old. It is important that you tell the receiver that you do not want to do it but you have to. Either it is part of your job, or that you need the payment for the mortgage. It is also important that they know the consequences if ever the said document is presented in court. It will greatly affect their civil record and credit record. It can also affect their future quest to find a property to rent.

If there is no one home, post this notice somewhere visible. Normally, this is posted on the door so that the tenant will see it easily. Leave your contact number so that they can talk to you as soon as they get the notice. Remember to indicate the details of what will happen if the said notice will be filed.

After giving the notice, have the letter and the affidavit of service notarized by the City Hall. Give the tenant a copy of the notarized affidavit the next day to let him know that you are following through the five day notice. It is important that he knows that you are serious about it and that it can greatly affect them. He will usually pay the rent after realizing how nonpayment of rent can affect him.

If you are a property owner, it is important that you take the appropriate steps when your tenants are late in their payment. This will minimize the problems you have to deal with and it will also help ensure that your tenants are current in their payment in the future.

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