Rent is typically due on the first business day of the month, and Virginia law gets specific about any prepaid rent amount. Per Code § 55-248.7:1, if the tenant prepays any rental amount, the landlord must put the prepayment in an escrow account in a federally insured depository in Virginia by the end of the fifth business day following receipt of the prepaid rent. The prepaid rent must remain in the escrow account until the rent is due, the landlord has otherwise become entitled to receive any portion of the prepaid rent, or the tenant provides written consent for its removal. Finally, the landlord must give the tenant a written receipt for any payments made in cash or a money order.
Charges and Fees
Virginia does not have a statute specifying a maximum amount for a late fee, so it is best to state the late fee in the lease agreement.
If rent is due on the first business day of the month, it is considered late if not received by the the fifth day of the month. Virginia does not have a statute specifying a maximum amount for a late fee, so it is best to state the late fee in the lease agreement. An insufficient funds fee may also be assessed by the landlord, and that fee should also be stated in the lease agreement. Finally, Virginia Code § 55-248.7(C) states that within ten days of tenant’s written request, the landlord must provide the tenant with an accounting of all charges and payments over the tenancy or the past 12 months, whichever is shorter. For this reason a best practice for landlords in Virginia is to keep accurate written records of all payment assessed and received.
