Try Dorit for FreePromissory Note
A legal document where a tenant commits to paying the landlord a specific amount if the lease is breached, payable on demand.
A promissory note is a financial pledge that can be enforced immediately through an expedited legal process at the Execution Office. Landlords can collect on the note to cover property damage, unpaid rent, or other lease violations without going through a lengthy evidentiary trial. The document is signed by the tenant and often by additional guarantors.
Promissory notes are a particularly potent tool because they let landlords take swift collection action. However, the mechanism is largely one-sided: if a landlord cashes the note unfairly, the tenant must file a formal objection with the Execution Office and prove no debt was owed. This makes it vital for tenants to log every payment and keep detailed receipts throughout their tenancy.
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Related terms
Security Guarantee Cap (3 Months' Rent)
Under the law, a landlord can demand guarantees up to a total maximum value of 3 months' rent.
Bank Guarantee
A formal commitment from a bank to pay the landlord a specified sum if the tenant fails to fulfill their obligations under the lease.
Personal Guarantors
Private individuals who agree to accept financial responsibility on behalf of a tenant should the tenant fail to meet their lease obligations.
The information in this glossary is for general informational purposes only and does not constitute legal advice. In the event of a dispute or a specific legal question, consult an attorney specializing in tenancy law.