What Does the Term “Grace Period” Mean?

Two words that need to be eliminated from your team’s vocabulary immediately…”Grace Period” to pay rent. In the state of Maryland rent is late on the 2nd of the month. Late fees can be assessed (depending on county) on the 6th or the 11th of the month, however, the landlord can and should be filing a lawsuit against residents that habitually pay rent late on the 2nd of the month! This will assist in correcting the behavior of paying late and in many counties, it can get you a much better court date! And we all know…in this business, this is money!