The promise to pay letter is a written commitment to purchase a property. This type of letter is used when the buyer has yet to have all the money upfront but can get financing within a certain period. The promise to pay letter should include:
- The buyer’s name and contact information
- The address of the property that is being purchased
- The amount of money that the buyer is willing to pay for the property
- The date by which the buyer will have the financing in place
- A statement that indicates that the offer is contingent on financing
If you are ready to make an offer on a home but do not have all the money upfront, consider using a promise-to-pay letter. We have created a sample format that you can use for your convenience.
Promise to Pay Letter
Promise to Pay Letter
Your Name
Your Address
City, State, Zip Code
Date
Landlord’s Name
Landlord’s Address
City, State, Zip Code
RE: Promise to Pay Letter for Rent
Dear Name of [Landlord]:
I apologize for the inconvenience. I cannot pay in full on my account this month. Because of illness, I have been absent from work for over two weeks without pay. Naturally, this has been a strain. I’m now well and back at work and anticipate resuming payments in full in the next month. I am attaching a payment of $000.00 made out to you according on the interest accrued on your current balance that month.
I will resume payments next month to avoid any late penalties. If this does not work for you, please get in touch with us to explore other options.
Thank you for understanding.
Sincerely,
Signature
Your Name
Place for Landlord’s Signature
Landlord’s Name Printed