Illinois Association of Realtors Residential Lease Agreement – A document that can be used in place of the standard residential lease, the form is typically used by professional brokers to record a rental transaction. This form is not compatible for the use of rental properties located in the City of Chicago. Tenants are required to pay the rent in accordance with the conditions set out in the rental agreement. If rent is not paid for five (5) days, the landlord may charge a reasonable late fee (770 ILCS 95/7.10 (a)). If the landlord makes a rent concession with the tenant (discount or reduction), this must be recorded in the rental agreement. While landlords do not need to test for radon, unsafe conditions must be disclosed in the lease if the tests show that dangerous levels of radon are present in a rental unit in the basement, first or second floor. Radon hazard disclosure is not required when corrective actions are completed to achieve safe levels of radon or in cases where radon levels are not hazardous. Rent must be payable to the landlord at the time and place specified in the rental agreement. An owner may not charge a late fee until five (5) days after the due date (770 ILCS § 95/7.10(a)). The Illinois Residential Lease Agreement Template gives Illinois citizens the ability to document the lease agreement that a landlord and tenant have agreed to for a specified period of time.
This term is, of course, specified in the lease and may apply for the period that both parties have deemed appropriate (although one year is the standard term). There will be several conditions that a tenant will have to meet in order to obtain a rental. Similarly, there will also be several requirements that the landlord will have to meet to have a tenant. Both parties must be prepared to comply with all federal and state laws, as well as the specific terms and conditions set forth in the lease. The Illinois Standard Residential Lease Agreement is a contract that structures a rental situation in which one (1) or more tenants lives on a property owned or managed by a landlord in exchange for regular payments. The level of detail that can be included in the lease depends on the landlord, although any agreement should include (at least) information about the amount of rent, utilities, deposits, guests, duration, and signatures of the party. Lead-based paint – Any residence built before 1978 must have this addition to any agreement to inform the tenant of this danger. On average, the typical deposit is between one and two months` rent.
Some states set a fixed amount that homeowners are not allowed to exceed, Illinois does not apply a limit on the amount of a security deposit. (This should be coordinated before reaching an agreement.) Step 9 – Item 33 requires the official address where a landlord can receive official notice of the tenant`s lease or property. Step 7 – In item 16, “Tenant`s deduction”, enter the monthly amount due by the tenant if he remains in the premises after the expiry of the lease. Illinois landlords may charge a fee of $20 or 20% of the monthly rent payment (whichever is greater) if the tenant fails to pay the rental fee on time and exceeds the five (5) day grace period (770 ILCS § 95/7.10(c)). You should know that no fee can be charged if the penalty was not provided for in the written agreement before the rental. A sublet in Illinois is typical for people who want to reduce the monthly cost of their rent and share their rent and housing with another person (the so-called “subtenant”). However, the agreement may also consist of the subtenant leasing the entire space to the original tenant (the so-called “subtenant”). It is recommended that the subsanist inform the landlord about the new subtenant on the property to avoid confusion and ensure that the main lease remains valid. The monthly lease in Illinois is preferred by people who are unsure of the length of their stay in the rental property and are looking for a lease with no fixed termination date. The lease is structured to expire at the end of each month, allowing the tenant to renew by paying the rent for the next few months. This type of tenant is usually light on possessions and properties are not always, but usually furnished.
Some owners may feel like they are. Lease agreement with option to purchase – This type of contract works like your typical lease/lease, but also offers the additional possibility of purchasing the property at a specific time during the lease term. Read the Illinois Landlord and Tenant Act (765 ILCS § 705) for specific information about landlord/tenant privileges and obligations that each party must be aware of before entering into a lease. The Illinois Attorney General also offers a fact sheet on landlord/tenant rights and laws that includes valuable information about state property laws. Concession granted (765 ILCS 730) – Any type of concession to be leased must be mentioned in the lease. When entered into the page, the header with the words “Concession granted” must be at least half an inch (1/2) inch on the document. The fact that the owner does not write this if there is a concession is considered a misdemeanor in the state of Illinois. .