Cox Realty expects those who rent one of our Southern Utah Rental Houses to pay their rent on time. Paying late causes multiple problems for us as a management company as well as for the owners we represent.
Unless otherwise agreed in writing in your lease agreement, rent is due the 1st day of the month. Cox Realty gives everyone a grace period until 5:00 pm Mountain Time on the 5th day of the month to pay rent. At 5:01 pm Mountain Time on the 5th of the month a late fee of 5% of the outstanding balance owned is charged. Each day thereafter a $10 per day late fee is charged. Cox Realty’s tenant portal allows for 24×7 payment of rent and we encourage you to pay your rent on time. Remember we are an Experian RentBureau partner which means we report payment history on your credit report. Pay on time and we can help you build positive credit.
It is impossible or extremely difficult to compute the specific damages suffered by the Management Company and Owner by the tenant’s failure to make payments when they are due, therefore, the landlord and tenant agree that the late fees charged are a reasonable and fair estimate of the costs incurred by the Lessor.
Payments returned for non sufficient funds (AKA “NSF” or a “bad check”) are subject to late fees as well as a NSF fee of $20 service fee and a $15 collection fee for a total fee of $35 per returned payment. Review Utah Code 76-6-505 regarding felony and misdemeanor charges that could be filed for issuing a bad check or draft for the payment of rent and other goods and services.
Should Cox Realty be required to file a 3-Day Pay or Vacate notice or any other legal notice due to non payment of rent or other lease violations the tenant will be required to pay for any and all costs associated with the eviction process plus a $50 fee for each legal notice served.