Updated over 7 years ago on . Most recent reply
Tenant wish to create Promissory note on Late Unpaid Rent
Tenant has extenuating circumstance and unable to pay rent for next 2 months (I already served him with 3 day pay or quit). He suggested a promissory note which forfeits his security deposit as a short term bridge payment to cover for late rent as well as promise to pay 2 months rent. Note also stipulates if payment isn't paid by next 2 months, tenants will agree to vacate home before Oct 1, 2018.
Has anyone had any experience with a situation like this? The promissory note sounds rather one sided, since he could just bail on 2 months rent and when it comes to the agreed day to vacate they will just not move out.
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#2 Contractors Contributor
- Severna Park, MD
Want to see how serious the tenant is . Ask them to sign over the title to their car and you have a set of keys . And if they dont pay in full by xxxx date you get the car .