I find the newspaper advertisements to be fair indicators of the rental market. Call a couple of property management companies and ask what rent you might expect if they had the property under management.
Are there any Law’s governing what we can and can not do with the late-rent payment policy in our contracts
such as : grace periods, maximum / minimum allowable late charges / etc, (or do we all strictly go by whatever we sign)?
I thought the rent was due on the 1st as specifically written in the contract… but my tenant asked me if contract is in accordance with maryland laws since everyone else in maryland gives a 5 day grace period for the rent to be due…Says that if rent is not due by 5th, it can then be considered officially late.
The state code is 5 days to be late, but some counties have more lenient standards. For example, in Montgomery County the rent is late after 10 days.
TomC
Re: Is there a Rent grace period in Maryland? - Posted by MD Investor
Posted by MD Investor on June 04, 2004 at 12:45:25:
Jon,
I am a newbie investor in MD and wanted to know where I can find the fair market rent values for places I’m interested in buying. Also, have you delat with expressauctions before?