Rental Promissory Note For Rent
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How to fill out Promissory Note For Past Due Rent?
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FAQ
This Promissory Note provides a way for the Tenant to pay past due rent without having to also pay attorney fees or additional fees. It documents the entire amount of rent owed, provides a plan for monthly payments (including annual interest), and a maturity date by which all unpaid rent is due.
At its most basic, a promissory note should include the following things: Date. Name of the lender and borrower. Loan amount. Whether the loan is secured or unsecured. If it's secured with collateral: What is the collateral? ... Payment amount and frequency. Payment due date. Whether the loan has a cosigner, and if so, who.
Get them to sign a promissory note. When they do that, the rent is paid. You have accepted a note in place of a check (which, incidentally, is also a note). That means if they don't pay the promissory note, you can't evict for nonpayment of rent. You'd have to sue.
In the letter, include the following information on a business letterhead: Your tenant's name. Rental property address. Rent price. The purpose of the letter. Confirmation that your tenant has paid rent on time. Your contact information.