09 Sep Agreement For Delayed Or Partial Rent Payments
It is normal to accept partial payments as long as you handle them correctly. You can sign an agreement with your tenant called a late or partial rent agreement. This way, your tenant understands that you expect the rest of the payment until a specific date. Today we are going to talk about this last type of partial payments. These partial payments are used whenever a landlord wants to withdraw a late rent without distributing their tenant, and we`ll explain more about how to do this when we present our sample form below! Landlords and tenants agree that the monthly rent for the above premises remains at $1,000.00 per month. Landlords and tenants agree that the landlord owes $400.00 in rent from the date of this amendment. The landlord and tenant also agree that this rent change will apply for the next 2 monthly rental periods and includes the monthly rent due during the change period. Therefore, the total amount covered by this lease agreement is $2,400.00 USD, consisting of $400 rent of $1,000 for May and $1,000 rent for June. Avoiding evacuation and setting up a payment plan that works for both parties can be a beneficial way to protect your earnings without the stress or struggle of an evacuation. These partial payment agreement terms will not be correct in all situations, but they could be correct in your situation! Apart from the rent change mentioned above, all aspects of the rental agreement between the lessor and the tenant remain the same.
Every landlord has already heard this statement: “Never accept partial payments, otherwise you will not be able to get your property or money back in court if you have to chase the tenant away.” While this is a widespread belief, is it true that you will never be able to accept partial payments? The Tenant acknowledges that the Tenant`s inability to make any of the aforementioned rental payments in a timely manner gives the Lessor the right to cancel a 3-day notification requiring payment of the sums due up to the date of the 3-day notice period and to initiate eviction proceedings at the end of the 3 days. When is it in your best interest to create such a partial payment agreement? Many landlords never allow a tenant to continue living in their property if they are not paid in rent, and that`s an understandable feeling.