An Illinois lease agreement is a contract that defines the relationship between a property owner and their tenant. The document will describe the residential or commercial property being rented and relay the duration of the agreement, the rent amount, and the tenant’s rights and responsibilities.
An Illinois lease agreement is a contract that defines the relationship between a property owner and their tenant. The document will describe the residential or commercial property being rented and relay the duration of the agreement, the rent amount, and the tenant’s rights and responsibilities.
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An Illinois lease agreement is a contract that defines the relationship between a property owner and their tenant. The document will describe the residential or commercial property being rented and relay the duration of the agreement, the rent amount, and the tenant’s rights and responsibilities.
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Rental Application – This document can be handed out to applicants so the landlord can obtain all the necessary information to find an eligible tenant.
Maximum Amount ($) – State law doesn’t set a limit on security deposits.
Collecting Interest – Interest only needs to be collected and paid by landlords who own 25 or more units in cases where the deposit is held for 6 months or longer . [6]
Returning to Tenant – Landlords must return the security deposit within 45 days of the move-out date. [7]
Itemized List Required? – Within 30 days of the tenant vacating the rental, the landlord must provide an itemized list of any deductions to their security deposit. This rule doesn’t apply if the property includes less than five units. [8]
Separate Bank Account? – If the landlord owns 25 or more units, they must keep security deposits in a separate interest-bearing account for any tenancies that last over six months. [9]
General Access – Landlords aren’t required to give notice prior to entry except in Chicago, where two days’ notice must be given. [10]
Immediate Access – Notice isn’t required to enter a rental unit for emergency purposes.
Grace Period – Landlords don’t have to give tenants a grace period to pay rent unless it’s stated in the lease.
Maximum Late Fees ($) – There is no statutory limit on late fees.
Bad Check (NSF) Fee – Landlords can charge a bounced check fee of up to $25. [14]
Withholding Rent – Tenants are entitled to withhold up to $500 or half their monthly rent, whichever is lesser, for necessary repairs not made by the landlord within 14 days of being notified. [15]
Non-Payment of Rent – If tenants don’t pay rent on time, they can be given a 5-Day Notice to Quit for Non-Payment. [16]
Non-Compliance – A 10-Day Notice to Quit can be given to tenants who break the terms of their lease. [17]
Lockouts – Landlords are prohibited from locking out a tenant without a court order. [18]
Leaving Before the End Date: In Chicago, tenants who quit a rental without completing their lease term will be liable for the rent due for the lease period. If the unit is re-rented, the tenant must pay the difference between the rent owed for the remainder of the lease period and that collected from the new tenant . [19]
Month-to-Month Tenancy – At least 30 days’ notice must be given when terminating a month-to-month tenancy. [20]
Unclaimed Property:
