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Illinois Residential Lease Agreement | PDF

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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 a lease, by having the tenant complete a rental application form. The tenant may be asked to pay a non-refundable fee for the application related to obtaining their credit, employment, and rental history.

Table of Contents

Forms (5)


 

Standard Residential Lease Agreement – Version 1

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Standard Residential Lease Agreement – Version 2

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Standard Residential Lease Agreement – Version 3

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Chicago Assoc. of Realtors Lease Agreement

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Laws: Chapter 5-12 (Residential Landlords and Tenants)

 

 


 

Mainstreet Assoc. of Realtors Lease Agreement

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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 the security deposit to the tenant within forty-five (45) days of the tenant vacating the premises (765 ILCS 710/1(a)).

Required Disclosures

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. The late fee must be established in the rental agreement (770 ILCS 95.7.10).

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