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Late Rent is an issue every landlord will always face at one time or another. Most of the time late rent is either a one-time issue or a bad habit. In each of those scenarios, it’s nothing to panic over, but definitely needs to be addressed and in the case of the latter, corrected.
The key is not to wait. The moment the rent is late, you must issue a warning letter advising the tenant that their rent is late and instructing them to resolve the situation immediately. This warning letter form also outlines the consequences that will occur if this isn’t remedied fast or is repeated. Remember, even repeatedly late rents where the tenant eventually always pays is still a serious issue.
If you’re in Ontario, you can issue the N4 notice along with Late Rent form as well. Dealing with this fast, efficiently, and firmly is the best chance for a speedy resolution.
Why Do I Need This Form?
- Late Rent is a serious issue – this form addresses it as well as the consequences of repeated late rent or slow resolution
- Your tenant will know that you take on-time rent seriously and plan to act immediately every time it’s late
- Begins the documentation path for eviction on problem tenants and/or quick resolution for ‘good’ tenants