We sometimes have to send less Rent net income to the Landlord. This is because some extras expenses were accrued during the month. This includes but is not limited to Property Insurance, Property Taxes, Special Assessments for your Homeowners/Condo Association, Increase in you Monthly Homeowners/Condo Association Maintenance, Repairs, and/or Improvements.
We use wire transfers to send the rent net income at the end of each month. It usually takes from 1 to 2 business days to reach the landlord's bank account, depending on the time and day this is initiated. This time may also vary depending on holidays and landlord's bank policies to accept wire transfers.
Most of the times Rent is collected within the first 5 days of the month, "grace period". However, some tenants prefer to pay after this 5-days period adding a late fee to the rent payment. During this month expenses are generated and these are paid from the money collected from the rent for the month. Therefore, we wait until the end of the month to consolidate your account. To this, we add approximately 3 to 5 days for processing your accounting and for initiating your payment. During this period we consolidate your account against the bank statement which usually is available the first of the month ahead of the month to be paid.
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