This form is used by a Landlord to demand payment of overdue rent from a non-residential tenant within 5 days from giving the Notice in accordance with the laws of your state. (Note: If a written agreement provides for a longer notice, use the notice length stated in the agreement). "Non-Residential" includes commercial or industrial property. If the Tenant fails to pay within 5 days, the lease may be considered terminated by the Landlord. The Tenant is informed that the Tenant must either pay the rent or suffer possible termination. If he does not pay, the Landlord may begin eviction proceedings. If the Landlord does not elect to proceed with termination or eviction, but instead agrees to accept rent after the termination date stated in the Notice, the lease is generally reinstated. For additional information, see the Law Summary link.
Pay Rent Tenant With Debit Card
State:
Illinois
Control #:
IL-1208LT
Format:
Word;
Rich Text
Instant download
Description
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How to fill out Illinois 5 Day Notice To Pay Rent Or Lease Terminates - Nonresidential Or Commercial?
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FAQ
Yes, you can use peer-to-peer cash apps like Zelle, Venmo, and PayPal to pay and collect rent. However, the systems are not designed for rent payments, and using these apps could cause problems in the future, especially if you want to scale your rental business.
No Protection for Tenant or Landlord Services like Venmo and Zelle are consumer-friendly apps designed for P2P transactions. So naturally, in disputes, they take the side of the customer, which in the case of rent payments, is the tenant.
The other thing to keep in mind if you're carrying a balance is that you're going to pay interest on it, making your rent that much more expensive. Unless you've got a 0% interest card or you're absolutely sure you can pay it in full each month, you might be better off sticking to a check or debit card.
The best ways for tenants to pay rent are certified payment methods because they're trackable and verifiable. Among the best rent payment methods are cashier's and certified checks, money orders, and online apps. The worst ways to accept rent are personal checks, cash, and direct deposit.
You can pay your rent by direct debit, standing order or by one-off payments online. Set up a direct debit to pay your rent from your bank account automatically every month or week or print off and complete a standing order form and take it to your bank.