Illinois lease agreements allow a landlord and tenant to enter into a legally binding rental arrangement. Having a written contract ensures that the rights of both the landlord and the tenant are able to negotiate fair rental terms. The landlord will usually request to see the potential tenant’s credit and employment/housing references to verify that the tenant is eligible financially. Tenant screening is commonly conducted through a rental application.
Laws – Chapter 765, Acts 705-750 (Property – Landlord and Tenant)
An Illinois residential lease agreement allows a tenant to rent property from a landlord in exchange for monthly rent and other consideration. The lease details also include utilities, length of tenancy, security deposit, and other fees and responsibilities. The terms should be negotiated between the parties verbally before an agreement is signed. The landlord is recommended to also check the prospective tenant’s background, before writing…
An Illinois rental application form can be downloaded in Adobe PDF and used by a landlord to verify if a tenant is, among other things, able to pay the rent in a timely manner. Before a landlord will put themselves at financial risk of signing a lease, the following will usually be checked: Background Credit Previous Property Owners and Management Companies Employers Income Tax Return(s)…
An Illinois monthly rental agreement is for landlords and tenants looking to enter into a lease with no fixed end date and can be terminated with 30 days’ notice. A month to month rental agreement renews automatically every thirty (30) days as long as the tenant pays rent on time. It is advised that the landlord asks the tenant for a security deposit (for possible…
An Illinois commercial lease agreement is a legal document that allows a property owner (landlord) to rent commercial/industrial property to a willing lessee (tenant). Before executing the contract, the parties must negotiate the rental conditions such as the lease term, monthly payment, security deposit (if any), late fees, and property expenses. Large and/or complex companies may benefit from outlining the major details of the lease…
An Illinois sublease agreement is typically used for roommate-type situations or when a tenant (sublessor) bound to the original lease is moving out (permanently or temporarily) and is reletting the property to another individual (sublessee). The sublessor should have the sublessee complete a rental application form to check their credit, employment, and rental history. The original tenant is responsible for the actions of the sublessee;…
An Illinois roommate agreement is a method for clearly documenting the terms and conditions of a living arrangement between two (2) or more individuals. Ideally, such an agreement should cover as much ground as possible to help ensure an amicable living arrangement. All roommates involved should sit down with this document so the obligations, responsibilities, and other important items can be negotiated. Once the parties…
