The collection of rent can be straightforward and easy, but a little bit of record keeping can go a long way toward staying organized as a landlord and being prepared for any demands on your rent payment records.
Rent collection in Oklahoma is not statute-heavy with rules for collecting the rent, and rent is considered late after a certain number of days, such as five days after being due. So, make sure to include in your rental agreement when rent is considered late. In addition, include in your lease the late fee, if any, and when it will be imposed. You can always decide to waive the late fee. Another fee to consider is an insufficient funds fee (bounced check fee). As with the late fee, charging this fee is at the discretion of each landlord but it’s best to have the option to collect the fee written into the agreement.
Oklahoma law does not impose a notice period for changing the rent amount, but rent changes may greatly impact your tenants, so landlords are wise to define the rent increase notice period in the lease agreement. Thirty days notice is fairly standard unless a statute dictates otherwise. In fact, depending on the rental market in your area you may consider providing a longer notice period if you are considering a larger rent increase at the end of the agreement term. While there’s nothing wrong with capitalizing on a hot rental market, tenants that may be facing a large rent increase will likely need additional notice to find an alternative to your property if they cannot afford the increase. Providing more notice increases the chance that a tenant turnover transition period will go smoothly.
Disclaimer: The information provided in this post is intended for general informational and educational purposes only. It should not be construed as legal, accounting, or tax advice. For guidance specific to your situation, we recommend consulting with a qualified professional in the relevant field before taking any action based on the content provided.
