Form and Deadline for Rent Payment

Paying rent on time is one of the most important responsibilities of a tenant. According to the rental agreement, rent is due by the third business day of each month. But what does this mean exactly, and why is it so important to meet this deadline?

What does the “third business day” mean?

The third business day of a month refers to the third day, excluding Sundays and public holidays. Therefore, the count may only begin on the next business day if the first days fall on a weekend or holiday. As a result, the deadline may vary depending on the month and holiday schedule.

Is cash payment possible?

For the first rent payment, cash payment is possible during the handover appointment, provided it takes place within the first three days after the contract begins. However, rent must generally be paid via bank transfer. Only in exceptional cases, such as technical issues with online banking, can a cash payment appointment be arranged.

To which bank account should I transfer the rent?

The correct bank account for your transfer can be found on page 4 of your rental agreement. It is the same account where the security deposit was paid. Please note that each apartment has its own designated bank account, and inquiries with other tenants may not necessarily provide the correct information.

What else do I need to pay attention to when making the transfer?

Please note that our accounting department must be able to allocate your incoming payment to your person. It is best to always write your full name (as stated on your tenant self-disclosure form) and your full property address including floor, side and room number in the payment reference. If you wish to make a payment well in advance or retrospectively, please also write the month for which the payment is intended. In particular, if a third party is making the payment on your behalf, it is important to state all contract details (name, property).

Why is paying rent on time important?

• Avoiding reminders and fees: Late rent payments may result in reminder fees and additional costs.
• Maintaining a good rental relationship: Regular and punctual rent payments help build trust between tenant and landlord.
• Avoiding legal consequences: Repeated or significantly delayed rent payments can ultimately lead to termination of the lease.

Tips for on-time rent payment

• Set up a standing order: A standing order ensures that rent is transferred automatically and on time.
• Consider bank processing times: Transfers may take one to two business days depending on the bank – plan ahead.
• Build financial reserves: A small financial cushion can help ensure timely rent payments even in case of unexpected expenses.

Conclusion

Paying rent on time by the third business day of the month is not only a contractual obligation but also essential for maintaining a good rental relationship. Planning ahead and using automated transfers can help prevent delays and unnecessary costs.