Lease to Own Agreement – This type of contract works like your typical rental/lease agreement, but also offers the additional option to purchase the property at some point during the rental term. Illinois has not passed the uniform Residential Landlord and Tenant Act, so tenants` rights are largely defined by what is in the lease agreement. However, for each lease, there is a tacit guarantee of habitability. This means that the owner must provide land suitable for human colonization and include essential services such as heat, hot water, electricity and sewage, and ensure that the land is free of rodent infestation or other pests. In the case of oral or written monthly leases, 30 days` written notice is required to indicate the last date of the lease term. A tenant must terminate 30 days in advance to evacuate, unless the lease provides for a longer period. Annual leases require 60 days` notice. A subletting agreement in Illinois is typical for people who want to reduce their monthly rent and share their rent and housing with another person (called a « subtenant »). However, the agreement may also be that the subtenant leases the entire area by the original tenant (called a « subtenant »). It is recommended that the subtenant inform the landlord of the new tenants on the land, in order to avoid confusion and ensure that the master lease remains valid. An Illinois residential lease agreement is a contractual agreement that must contain essential elements and disclosures. Have your rental agreement checked by a rental company to make sure that it complies with all state laws and that you fully understand your rights and obligations. Utility Payment (765 ILCS § 740) – The owner of a dwelling or condo that includes group pension services, divided among neighbouring tenants, must disclose all forms and/or invoices relating to the use of the building, in accordance with the Ten utility Payment Disclosure Act.
Illinois leases allow a lessor and tenant to meet in a written document about renting property on one condition while respecting the rights of each party (see guide). The parties have the option to choose from one (1) of four (4) types of contracts ranging from commercial space leases to the most widely used standard one-year contract. In addition to checking their tenants with a rental request before signing a binding legal contract, it is generally recommended that landlords collect a deposit to cover possible property damage. A landlord must inform a tenant when utilities are shared and provide information on how these common ancillary costs are calculated. (765 ILCS 740) Radon (420 ILCS 46) – The homeowner is not required to test for radon. However, if the landlord finds that radon is present on the site, he must transmit the information to the tenant. . . .