My son along with 14 other Binghamton University students rented a large home through Sall Associates Ltd. The lease states that any rents received late, after the 6th day of the due date there will be a 10% late charge. Sall Associates has been calculating the 10% late fee based on the full monthly installment of $5625, rather than on the amounts that are actually past due. So theoretically if 1 student is late with their $375, they will be charged a late fee of $525.50 regardless of the fact that the balance was paid on time.
My son was charged $150 late fee for being late on his portion of the rent. When we requested a detail accounting of how the company arrived at this amount, we were told that we are not entitled to this information. I have reported the company to the better business bureau of upstate New York, consumer affairs and I plan on reporting the company to the Binghamton University off campus housing. Then I will be contacfting the NYS attorney generals office. I can't wait to see what kind of game they play with the security deposit!
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