Chronically late maintenance payments?

I do know that buildings have late fee policies. Your larger problem may be someone in serious financial trouble, though.

(Manhattan real estate agent.)

Only question I can answer is re: flat fee. Yes, in most coops you can charge flat fee for late payments. Everyone I've lived in had a $50/mo. late fee.

There is a lot of case law on this and the overall rulings have led me to believe you can charge BOTH a flat fee and a percentage of $ outstanding or both, but the fee can not be onerous in comparison to the amount of the outstanding balance. So, no 100% annual interest in outstanding balances, no $500 flat fees on $800 mtc, etc. But you really should have whatever you want to have as an official, written policy, properly enacted by the corporation.

As far as what date to calculate from, I think you shouldn't break it down with that level of granularity (new buzzword). If the late fee is, say, 1.5% a month (i.e. 18% a year), it just gets trigger by a payment being after the due date, period.

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David Goldsmith
DG Neary Realty