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Last revision: 01/11/2023
Available formats: Word and PDF
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A Rent Payment Plan is a document by which a landlord proposes a more convenient arrangement for their tenant's rent payment. This document specifies a suitable plan for the rent payment of both outstanding rent and future rents.
In normal circumstances, tenants are required to pay their rent in the manner described in the Tenancy Agreement. However, sometimes, many situations can make it impossible for tenants to pay their rent as agreed. For example, a tenant may be unable to pay their rent due to their job loss or other financial challenges. In these cases, a landlord may consider their tenants' unfortunate situation and decide to alleviate their burden by outlining a suitable rent payment arrangement.
Sometimes, evicting a tenant for delayed payment or non-payment can be challenging and stressful for many landlords. But instead of ejecting the tenant for late payment, a landlord can come up with a workable rent payment plan that will enable their tenants to pay their rent conveniently. This creates a win-win situation for both landlords and tenants since this way, the landlord receives their rent, though not in the manner that was previously agreed, and the tenant pays their rent conveniently.
How to use this document
This document requires vital information such as the names and addresses of the landlord and the tenant, the date of this letter, the proposed arrangement, and other information that are relevant to the payment plan. The user is required to enter the relevant information, and after completing the document, it should be downloaded, printed, and signed by the landlord that is sending this document. After this, the letter should be delivered to the tenant.
Note that this document is only an offer proposed by the landlord. Therefore, upon receipt, the tenant should sign the letter if they accept or agree to the payment arrangement specified therein. However, if the tenant refuses the proposal, they can provide a different suggestion to the landlord. Alternatively, this document can be sent to the tenant via email.
The landlord should also keep a signed copy of this document for their record.
There are no specific law regulating this type of document. However, leases and tenancies are subject to the laws of individual states in Nigeria. Also, the general rules of contract apply to this document.
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