The era of promissory notes in home rentals
Landlords have begun requesting promissory notes from tenants as a new practice in the rental process. This situation has created a new topic of debate in the rental market.
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In recent years, disputes between landlords and tenants have been on the rise. Landlords' demands during the rental process are putting pressure on tenants. While documents such as guarantors, criminal records, and bank statements are already being requested, the demand for a promissory note for each month is now on the agenda.
Real Estate Law Expert Ali Güvenç Kiraz states that landlords may request promissory notes to secure rental debt. Noting that the Court of Cassation does not see any illegality in this matter, Kiraz emphasizes that tenants should be careful before signing any promissory note. Kiraz stated that promissory notes cannot be requested from tenants for anything other than the rent amount and the security deposit.
LIMITATIONS ON SECURITY DEPOSIT PROMISSORY NOTES
According to a report by Canan Yıldırım from NTV, Kiraz states that promissory notes issued for security deposits should not exceed three months' rent, and that otherwise, these notes would be considered invalid. Requesting promissory notes for more than three months falls under the prohibition of regulations against the tenant in the Turkish Code of Obligations.
Tenants must be careful before signing promissory notes. Kiraz says that promissory notes given for rental debt must be clearly specified in the rental agreement or through supplementary protocols. It is important that the promissory note numbers, dates, and maturity dates are clearly written. By paying attention to these details, tenants can protect themselves from potential risks.
Kiraz's statements are as follows:
"Both the risk of failing to pay the rent and the risk of failing to pay the promissory notes arise. In other words, two debt payment obligations can emerge simultaneously for the same issue.
All promissory notes given for rental debt must absolutely be written into the rental agreement or an annex to the rental agreement; that is, what they are given for, as well as the promissory note numbers, dates, and maturity dates, must be written clearly and openly in a promissory note protocol."