Lease agreement (with option to purchase) – contract for a typical rental contract with the additional procedure for the purchase of the residence. Rental application – Papers for those who have provided the rental of a property for rent. The form must be supplemented with information relevant to the identity and qualification of the applicant for verification by the owner of the premises. Lease Concession (765 ILCS No. 730) – A “rental concession” is an incentive to encourage potential tenants to rent a property. All concessions granted by the lessor to the tenant must be written as part of the tenancy agreement and with a “concession granted”. The rent must be paid to the landlord at the time and place of the rental agreement. A lessor may only collect a late fee five (5) days after maturity (770 ILCS 95/7.10 (a)). Lead Based Paint – Any apartment built before 1978 must have this endorsement added to each agreement to inform the tenant of this danger. Illinois Association of Realtors Residential Lease Agreement – A document that must be used in place of the standard housing agreement, the form is usually used by professional real estate agents to register a leasing transaction. This form is not compatible for the use of rental properties in the City of Chicago. Illinois leases for residential and commercial real estate are located between a landlord and a tenant for the use of land for rent. The tenant should first consult the space and, in case of interest, request the presentation of the credit and background data on the rent application.
Once the landlord has verified his registration information and the individual (s) has been approved, negotiations on rent, sureties and other conditions must be negotiated. As soon as a rental agreement has been established and signed by the landlord and tenant, it becomes a legal document on which each party has the terms. Leases in Illinois allow a landlord and tenant to engage in a written document on the rental of a property, following the rights of each party (see guide). Parties have the option to choose from one (1) of four (4) types of agreements ranging from commercial space lease agreements to one (1) most commonly applied annual standard contract. In addition to verifying their tenants by using a rental application prior to signing a mandatory legal agreement, it is generally recommended that landlords require a deposit to cover any property damage. Check the Illinois Landlord and Tenant Act (765 ILCS 705) for specific information on the landlord/tenant`s privileges and obligations that each party must know before entering into a lease agreement.