How do I write a promissory note to try and collect back rent from a tenant who hasn’t been paying in full rent for several years?
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How do I write a promissory note to try and collect back rent from a tenant who hasn’t been paying in full rent for several years?
Have had tenants renting a home for 8 years, they haven’t paid the full amount but have promissed to catch up with what’s owed. Can I have them sign a promissory note to legally bind them to paying the money they owe me?
Asked on June 19, 2012 under Real Estate Law, Colorado
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Good question. Custom and practice in the rental industry is that when one has tenants who are behind in rent and who are generally decent people, a promissory note to the landlord is signed and dated by the tenants for the amount owed with interest running on the amount at 5 % per annum.
I would have the tenants sign the promissory note that you desire for unpaid rent owed. I suggest that you may want a landlord tenant attorney to draft such for you.
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