Getting paid on time and for the correct amount every month...every landlord’s dream! Maryland imposes a bit of forced organization on the landlord regarding rent payments.
Receipts and records
In Maryland the landlord must provide a receipt for a rent payment made in cash or money order, or if the tenant requests a receipt. In addition, the landlord must maintain a records system showing the dates and amounts of rent paid by the tenant, and also showing the fact that a receipt of some form was given to the tenant for each cash payment of rent. It’s easy to comply by keeping accurate records, and then consider inviting your tenants to use LeaseRunner’s Tenant Payment Center to pay their rent online. We provide receipts to both the tenant and the landlord for every payment made using the Tenant Payment Center. Just don’t forget to provide a paper receipt for any payments made outside of LeaseRunner’s Tenant Payment Center (e.g. cash or money order payments).
Charges and fees
In Maryland the rent is late is not paid in full by the fifth day of the month (tenth day in Montgomery County). The late charge may not exceed 5% of the monthly rental amount, and you should inform the tenant of your late fee at the beginning of the lease term.
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.
