What Are The Late Fees And Grace Period Laws In Oregon That Landlords Must Know?
Are you planning on investing in rental properties in Oregon? If so, there are a variety of late fees and grace period laws in Oregon that landlords must know.
Before investing in your first rental property in Portland, or elsewhere in Oregon, here is a breakdown of the top late fees and grace period laws in Oregon that you must know.
Late Fees and Grace Period Laws in Oregon
Landlords may charge late fees in Oregon four days after rent is due. No amount of late fees may be charged before then. There are three types of late fees landlords may charge:
One-time flat fee
One Time Flat Fee
The one-time flat fee can only be charged once per rental period and cannot exceed the typical late fee charged by landlords in the rental market.
The daily fee can be charged starting on the fifth day of the rental period. The daily late fee cannot exceed six percent of the typical one-time flat fee charged by landlords in the rental market.
Like the daily fee, the weekly fee can be charged starting on the fifth day of the rental period. It cannot exceed five percent of the periodic rent.
Unpaid Late Fees
Landlords may charge tenants simple interest on unpaid late fees. The interest cannot be more than the interest rate allowed for court judgments. Also, landlords may evict tenants for unpaid late fees, but the landlord must give the tenant a 30-day pay or quit notice.
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