Illinois rental agreements allow for a tenant and landlord to create terms and conditions that each must abide too. Typically, a landlord must keep up with the common area maintenance of the property and the tenant must pay rent on a timely basis every month (usually on the 1st). If either breaks this agreement, the document may be voided by either party and the Tenant may be able to move out in his or her case and in the Landlord’s case may be able to seek eviction. All parties should review the Landlord and Tenant Handbook to see their full rights.
- Rental Application – For a management company, agent, or landlord to verify the creditworthiness of a potential tenant. After verification, the potential tenant will be notified if he or she qualifies for a lease. If approved, the tenant will be issued a lease agreement and access to the property will be granted upon acceptance of the contract and all deposits have been made.
- Standard/Realtor – Use to allow a tenant to occupy property for monthly rental payments to the landlord. In a standard residential lease there is usually an end date (typically 1 Year) and each party must abide by the terms and conditions during the course of the term. Once it has been authorized by both parties the document becomes legal and enforceable.
- Month to Month – Allows for a landlord and tenant to only be legally bound to each other for one month at a time. As long as the tenant pays the rent every month, the agreement automatically re-news and may be terminated or changed with at least thirty (30) days notice.
- Sublease – A contract that allows a person that is under contract with a rental agreement to re-lease the same property to someone else. Download this template, fill in the blanks, and make sure both sub-lessee and sub-lessor authorize to make legal.
- Commercial – For business related occupancies where an individual or entity will be using the space for the use of a service or trade. The contract is recommended to be signed in the presence of a notary public.
Common Landlord-Tenant Laws
- Security Deposit
- Maximum – No statutory limit on how much the landlord may desire
- Return – The landlord must give back the money owed to the tenant within forty five (45) days. If there are any deductions due to repairs needed an itemized list must be created and sent to the tenant within thirty (30) days.
- Interest – If the property consists of more than twenty five (25) units and the term of the agreement is at least six (6) months then the landlord must pay the tenant the interest accrued on the deposit
- Entering Property – No statutory timeframe for when the landlord must provide notice before entering the property
- When is Rent Late – Rent is due on the day stated in the lease agreement. There is no grace period.