Writing a Promissory Note for Rent Payment (with Sample)
Use this sample promissory note for Rent Payment as a template for your formal promissory note letter.
Last updated on November 23, 2023
A promissory note (PN) is also called a payment agreement, and it sets out the terms and conditions of payment for any debt. In the case of rent payments, a PN may be used when the rent has not been paid for some time.
For rent payment, a promissory note can be given by the landlord or the tenant. If the tenant has not paid his or her rent on time or owes back rent, the landlord may want to send a promissory note as a first step before beginning eviction procedures. The tenant may give a PN if they intend to pay their back rent, but are having financial difficulties and have not been able to pay on time.
Promissory Notes
Promissory notes are often written by banks, lending institutions or attorneys, but individuals can write legally binding promissory notes if all the specified information is included.
For rent payment, a promissory note can be given by the landlord or the tenant. If the tenant has not paid his or her rent on time or owes back rent, the landlord may want to send a promissory note as a first step before beginning eviction procedures. The tenant may give a PN if they intend to pay their back rent, but are having financial difficulties and have not been able to pay on time.
Promissory Notes
Promissory notes are often written by banks, lending institutions or attorneys, but individuals can write legally binding promissory notes if all the specified information is included.
The type of PN for rental property is a legally binding promise to pay the rent. If the landlord sends the PN, and the tenant signs it, he or she is legally bound to pay the rent according to the terms and conditions set out by the landlord. If the tenant sends the PN and the landlord signs it, he or she must wait for payment according to the terms and conditions set out by the tenant.
The landlord should first meet with the tenant and find out when they will pay the back rent and start making regular monthly payments again. There is no point in writing a PN with which the tenant cannot possibly comply. The PN should state the due date for the back rent. This is usually on the next rental due date.
The landlord should first meet with the tenant and find out when they will pay the back rent and start making regular monthly payments again. There is no point in writing a PN with which the tenant cannot possibly comply. The PN should state the due date for the back rent. This is usually on the next rental due date.
State Laws
If the landlord wants the tenant to pay interest on the unpaid rent, he or she should check with their state laws or consult with an attorney. Some states allow interest to be paid, but they may limit the amount. Others may only allow interest to be paid if it was stipulated as part of the original rental agreement for late payments. Some states allow interest if the rent is more than 30 days late.
The PN should give the timing and method of payment. For example, the landlord may agree to installments or require payment in on lump sum. If installments are acceptable, the PN should state the exact dates the payments should be made and how much is each payment.
It may also state the date that the back rent should be paid in full. In order for it to be valid, both the landlord and tenant must sign the PN and put their addresses.
Some promissory notes have a co-signer. The co-signer is legally bound to pay the debt if the tenant does not pay according to the terms and conditions in the PN. Promissory notes are usually prepared on a legal form, typed, and printed from a computer. Individuals can download forms or create their own.
It must contain the following information:
- The date of the note
- The original amount owed written in both numeric form and written in words as on a check so that there is no misunderstanding
- Any interest that may be owed according to state law written in words and numerals
- Any late fees that were stipulated in the original rental agreement written in words and numerals
- The payment schedule for a simple PN is usually in one lump sum. Installment notes include a payment schedule that gives the dates each payment is due and how much the payment is
- The address where the payment should be sent and the name of the landlord who will receive the money
A tenant may also want to give his or her landlord a PN that they will pay back rent owed and future rent on time. This may be considered as a delaying tactic in case the tenant is afraid the landlord will take them to small claims court.
Below is a sample Promissory Note from a tenant:
Sample Promissory Note for Rent Payment
Tenant’s Name
Tenant’s Address
City, State, Zip Code
DATE
Landlord’s Name
Landlord’s Address
City, State, Zip Code
RE: Promissory Note to Pay Back Rent
Dear Name of Landlord:
This is formal notice that I will pay the back rent of NUMERIC AMOUNT, WRITTEN AMOUNT that I own you on DATE. I will pay the full amount at that time. I was unable to make my rental payments because I lost my job three months ago. I have another job and this letter is my assurance to you that I will pay my rent in full.
Thank you for your patience and consideration of my situation. If you agree, kindly sign and return a copy of this letter to me.
Sincerely,
Tenant’s Signature
Tenant’s Name Printed
Place for Landlord’s Signature
Landlord’s Name Printed
By Andre Bradley
Frequently Asked Questions (FAQs)
Q: What is a Promissory Note for Rent Payment?
Answer: A Promissory Note for Rent Payment is a legally binding document that outlines the agreement between a tenant and a landlord regarding the payment of rent. It serves as a written promise from the tenant to the landlord, stating that they will pay the agreed-upon rent amount within a specified period of time.
Q: Why would someone use a Promissory Note for Rent Payment?
Answer: A Promissory Note for Rent Payment is used when there is a need for a formal agreement between a tenant and a landlord regarding the payment of rent. It provides a clear record of the agreed-upon terms and protects the rights of both parties. It can be especially useful in situations where there is a delay or difficulty in making rent payments, as it establishes a written commitment and can serve as evidence in case of any disputes.
Q: What information should be included in a Promissory Note for Rent Payment?
Answer: A Promissory Note for Rent Payment should include the names and contact information of both the tenant and the landlord. It should clearly state the amount of rent to be paid, the due date(s) for the rent payments, and the method of payment. Additionally, it may include any late fees or penalties for missed or late payments, as well as the consequences for non-payment or default.
Q: Is a Promissory Note for Rent Payment legally enforceable?
Answer: Yes, a Promissory Note for Rent Payment is legally enforceable, provided that it meets the necessary legal requirements and is signed by both the tenant and the landlord. It is a legally binding contract that can be used as evidence in court in case of any disputes or non-compliance with the agreed-upon terms.
Q: Can a Promissory Note for Rent Payment be modified or amended?
Answer: Yes, a Promissory Note for Rent Payment can be modified or amended if both the tenant and the landlord agree to the changes and sign a written amendment to the original note. It is important to document any modifications or amendments in writing to ensure clarity and avoid misunderstandings.
Q: What happens if a tenant fails to fulfill the obligations stated in a Promissory Note for Rent Payment?
Answer: If a tenant fails to fulfill the obligations stated in a Promissory Note for Rent Payment, it can be considered a breach of contract. The landlord may take legal action to recover the unpaid rent, including filing a lawsuit or seeking eviction. The consequences for non-payment or default should be clearly outlined in the note, and the landlord can enforce these consequences according to the applicable laws and regulations.
Q: Is a Promissory Note for Rent Payment applicable to commercial leases only, or can it be used for residential leases as well?
Answer: A Promissory Note for Rent Payment can be used for both commercial leases and residential leases. It is a versatile document that outlines the agreement between a tenant and a landlord regarding the payment of rent, regardless of the type of lease. The specific terms and conditions may vary depending on the jurisdiction and the nature of the lease, but the fundamental purpose of the note remains the same.
Q: Can a landlord refuse to accept a Promissory Note for Rent Payment?
Answer: Generally, a landlord has the right to refuse to accept a Promissory Note for Rent Payment if they prefer to receive the rent in a different form or if they have specific policies in place. However, if both parties have previously agreed to the use of a promissory note, it may be more challenging for the landlord to refuse it without a valid reason. It is important for tenants and landlords to discuss and agree upon the preferred method of rent payment in advance to avoid any potential conflicts.
Tenant’s Name
Tenant’s Address
City, State, Zip Code
DATE
Landlord’s Name
Landlord’s Address
City, State, Zip Code
RE: Promissory Note to Pay Back Rent
Dear Name of Landlord:
This is formal notice that I will pay the back rent of NUMERIC AMOUNT, WRITTEN AMOUNT that I own you on DATE. I will pay the full amount at that time. I was unable to make my rental payments because I lost my job three months ago. I have another job and this letter is my assurance to you that I will pay my rent in full.
Thank you for your patience and consideration of my situation. If you agree, kindly sign and return a copy of this letter to me.
Sincerely,
Tenant’s Signature
Tenant’s Name Printed
Place for Landlord’s Signature
Landlord’s Name Printed
By Andre Bradley
Frequently Asked Questions (FAQs)
Q: What is a Promissory Note for Rent Payment?
Answer: A Promissory Note for Rent Payment is a legally binding document that outlines the agreement between a tenant and a landlord regarding the payment of rent. It serves as a written promise from the tenant to the landlord, stating that they will pay the agreed-upon rent amount within a specified period of time.
Q: Why would someone use a Promissory Note for Rent Payment?
Answer: A Promissory Note for Rent Payment is used when there is a need for a formal agreement between a tenant and a landlord regarding the payment of rent. It provides a clear record of the agreed-upon terms and protects the rights of both parties. It can be especially useful in situations where there is a delay or difficulty in making rent payments, as it establishes a written commitment and can serve as evidence in case of any disputes.
Q: What information should be included in a Promissory Note for Rent Payment?
Answer: A Promissory Note for Rent Payment should include the names and contact information of both the tenant and the landlord. It should clearly state the amount of rent to be paid, the due date(s) for the rent payments, and the method of payment. Additionally, it may include any late fees or penalties for missed or late payments, as well as the consequences for non-payment or default.
Q: Is a Promissory Note for Rent Payment legally enforceable?
Answer: Yes, a Promissory Note for Rent Payment is legally enforceable, provided that it meets the necessary legal requirements and is signed by both the tenant and the landlord. It is a legally binding contract that can be used as evidence in court in case of any disputes or non-compliance with the agreed-upon terms.
Q: Can a Promissory Note for Rent Payment be modified or amended?
Answer: Yes, a Promissory Note for Rent Payment can be modified or amended if both the tenant and the landlord agree to the changes and sign a written amendment to the original note. It is important to document any modifications or amendments in writing to ensure clarity and avoid misunderstandings.
Q: What happens if a tenant fails to fulfill the obligations stated in a Promissory Note for Rent Payment?
Answer: If a tenant fails to fulfill the obligations stated in a Promissory Note for Rent Payment, it can be considered a breach of contract. The landlord may take legal action to recover the unpaid rent, including filing a lawsuit or seeking eviction. The consequences for non-payment or default should be clearly outlined in the note, and the landlord can enforce these consequences according to the applicable laws and regulations.
Q: Is a Promissory Note for Rent Payment applicable to commercial leases only, or can it be used for residential leases as well?
Answer: A Promissory Note for Rent Payment can be used for both commercial leases and residential leases. It is a versatile document that outlines the agreement between a tenant and a landlord regarding the payment of rent, regardless of the type of lease. The specific terms and conditions may vary depending on the jurisdiction and the nature of the lease, but the fundamental purpose of the note remains the same.
Q: Can a landlord refuse to accept a Promissory Note for Rent Payment?
Answer: Generally, a landlord has the right to refuse to accept a Promissory Note for Rent Payment if they prefer to receive the rent in a different form or if they have specific policies in place. However, if both parties have previously agreed to the use of a promissory note, it may be more challenging for the landlord to refuse it without a valid reason. It is important for tenants and landlords to discuss and agree upon the preferred method of rent payment in advance to avoid any potential conflicts.