In an ideal world, all tenants would pay on time, keep your property spotless and be a pleasure to work with. Alas, this world is far from perfect, as are most tenants, but it’s not always because they are rotten people who won’t pay for what they’ve used. We’ve all fallen on hard times, and sometimes a tenant might be honestly struggling to make ends meet.
Even if your tenant approaches you to pay up, he might not have the means to make it all happen at once. While you want to maintain a solid working relationship, reward his good-faith efforts and of course, get your money, you need to protect yourself and as usual, have everything drawn up in writing.
This Past Due Rent Payment Arrangement allows you to work together to create a payment plan that works for the both of you, getting you the money that’s yours while allowing the renter to fulfill his financial obligation in a feasible timetable. Wouldn’t you want that kind of treatment? Everything is pre-written with your needs in mind; all you need to do is customize it to fit your individual situation. The arrangement establishes all of the terms of the payback plan with clear and proper wording, so the agreement is understood by both parties. It allows you to create your own conditions, work out an appropriate timeline, clarify back rent payment amounts and set forth consequences should the agreement not be honored.
Caveat emptor, this is for otherwise good tenants who want to make things right, not for swindlers who are trying to get a free ride (or living quarters, rather). For those types, we have eviction notices