Illinois Residential Lease Agreement – PDF Template
The Illinois residential lease agreement sets forth the terms and conditions in regard to a residential rental arrangement between a landlord/property owner and a tenant. Details concerning the nature of the lease include monthly rent payment amount, included utilities and their costs, length of tenancy, security deposit, and other important matters. These terms should be negotiated between the parties before the agreement is signed. The landlord might also wish to check the prospective tenant’s background (before signing the lease) by having the tenant complete a rental application form. The tenant may be asked to pay a fee for the services related to obtaining their credit, employment, and rental history.
Security Deposit Laws
Maximum Amount ($) – State law does not provide a limit for landlords in regard to a security deposit amount.
Returning – Landlord must return security deposit to the tenant within forty-five (45) days of the tenant vacating the premises (765 ILCS 710/1(a)).
Concessions – If a rent concession is provided by a landlord, the lease must include a legend and a memorandum stating the amount or extent and nature thereof (765 ILCS 730/3).
Radon – Landlord must disclose to a prospective tenant the potential for exposure to radon only if the landlord is aware of this potential exposure; i.e., they are not required to conduct radon testing (420 ILCS 46).
Shared Meter – If the utilities of a tenant’s dwelling are shared between other units, the landlord must share the formula used to calculate the tenant’s portion of these utilities (765 ILCS 740/5).
Lead-Based Paint – Federal disclosure statement that tenant must receive if the dwelling was constructed prior to January 1, 1978.
Rent Grace Period
Landlords are permitted to charge a “reasonable” late payment fee ($20 or 20% of rent amount) only after five (5) days have passed since the rent due date. This late fee must be established in the rental agreement (770 ILCS 95.7.10).