Promissory Note for Past Due Rent

State:
Multi-State
Control #:
US-01996BG
Format:
Word; 
Rich Text
Instant download

Description

There will come a time when a current tenant may fall seriously behind or owe you for something due under the lease, such as an accumulated water bill, a bounced security deposit check or some damages they did to the premises. A promissory note is simply an agreement when one party agrees to pay another party a particular past due sum or currently due sum on a particular date or dates.


Some recommend that a promissory note should be used only with a past or departing tenant owes you money and desires to pay you on a certain date or dates according to the payment arrangement spelled out on the promissory note. These people also recommend never using such an arrangement with a current tenant. The tenant may vacate owing you past due rent, late charges, unpaid utility bills or anything owed under the terms of the lease This Note will memorialize the debt in writing and can be used later if the past tenant defaults, and you wish to pursue the debt.


These same people recommend that a promissory note should not be used with a current tenant who owes you money. They point out that unless the promissory note clearly states that the amount is rent due under the terms of the lease, the landlord may have unwittingly converted past due rent into simply a monetary obligation for which he will not be able to evict the tenant using a Statutory Notice Period. Also suppose the tenant fails to make a payment, what is owed: the full balance all at once; or only that missed payment? This matter may be clarified by an acceleration clause in both the lease and the Note.

Free preview
  • Preview Promissory Note for Past Due Rent
  • Preview Promissory Note for Past Due Rent

How to fill out Promissory Note For Past Due Rent?

Aren't you tired of choosing from countless templates every time you need to create a Promissory Note for Past Due Rent? US Legal Forms eliminates the wasted time numerous American citizens spend surfing around the internet for suitable tax and legal forms. Our expert group of attorneys is constantly updating the state-specific Samples catalogue, so it always offers the proper documents for your situation.

If you’re a US Legal Forms subscriber, just log in to your account and click on the Download button. After that, the form are available in the My Forms tab.

Users who don't have a subscription need to complete a few simple steps before being able to download their Promissory Note for Past Due Rent:

  1. Use the Preview function and read the form description (if available) to make certain that it’s the right document for what you are trying to find.
  2. Pay attention to the validity of the sample, meaning make sure it's the correct sample for the state and situation.
  3. Make use of the Search field on top of the page if you have to look for another file.
  4. Click Buy Now and choose a convenient pricing plan.
  5. Create an account and pay for the services utilizing a credit card or a PayPal.
  6. Get your file in a required format to finish, create a hard copy, and sign the document.

After you’ve followed the step-by-step instructions above, you'll always have the ability to log in and download whatever file you need for whatever state you need it in. With US Legal Forms, finishing Promissory Note for Past Due Rent templates or any other official files is simple. Get going now, and don't forget to double-check your samples with certified lawyers!

Form popularity

FAQ

Start by simply saying the date and the tenants name and address. Make sure all the data is accurate, as this can serve as a written notice should you go to court. The letter should inform the tenant that they are late on the rent and by how many days.

If you are having problems paying the rent contact your local Housing NSW. They may be able to help you. You can also seek help from a financial counsellor to plan a budget to manage your financial situation.

Step 1: Check Your Lease Documents and Payment Records. Step 2: Send a Late Rent Notice. Step 3: Make a Phone Call. Step 4: Send a Pay or Quit Notice. Step 5: Take Legal Action.

Your landlord can evict you if you fall behind with your rent - you could lose your home. Coronavirus (COVID-19) has not changed this, but there are new rules that mean your landlord must give you at least 6 months' notice if they plan to evict you, unless you owe at least 6 months' rent.

Step 1: Check Your Lease Documents and Payment Records. As silly as it may sound, double-check your records to make sure the tenant is truly late with their rent. Step 2: Send a Late Rent Notice. Step 3: Make a Phone Call. Step 4: Send a Pay or Quit Notice. Step 5: Take Legal Action.

Dear Landlord's Name, I'm writing to inform you that my rent payment will be late this month. I was recently laid off from my job and won't be able to make the payment on time. I have applied for unemployment benefits, but it may take up to 2 weeks before I receive my first payment.

A promissory note is usually held by the party owed money; once the debt has been fully discharged, it must be canceled by the payee and returned to the issuer.

Under California law, a late fee will be enforced only if the fee is a reasonable estimate of the amount that the lateness of the payment will cost the landlord, and if specified language is include in a written lease or rental agreement.

Dear Landlord's Name, I'm writing to inform you that my rent payment will be late this month. I was recently laid off from my job and won't be able to make the payment on time. I have applied for unemployment benefits, but it may take up to 2 weeks before I receive my first payment.

Trusted and secure by over 3 million people of the world’s leading companies

Promissory Note for Past Due Rent