The management company claims that in Tennessee it is possible to collect interest / fine from the fifth day (business days) breasts…
The management company claims that in Tennessee it is possible to charge interest / fine from the fifth day (business days) that a tenant is late in paying the rent up to 10%.
Turns out the tenant stood by it and paid the interest every time he was late but the money never reached me.
According to the management company, this money should only reach the management company because they invest extra efforts to collect the money when the tenant is late.
To me it does not make sense since 10 percent of the rent is more than the monthly management fee, so the management company actually has an interest in the tenant being late in paying.
Beyond that I am the owner of the property and I am the one who is "damaged" by the delay, so I am probably the one who is supposed to receive the interest.
I would love answers from experience in Tennessee.
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