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An Illinois Lease Agreement is a contract between a landlord and a tenant that allows the tenant to utilize residential or commercial property in exchange for rent payments. The tenant should first inspect the space and, if interested, fill out a leasing application with their credit and background information. The talks for rent, security deposits, and each party's responsibilities will commence once the landlord has reviewed their credentials and the renter has been approved.
There are about 6 types of lease agreements. These include:
Commercial - This is used for business-oriented spaces related to retail, office, or industries. In order to register a commercial entity's rental agreement with a property owner or landlord, this type of lease agreement is used.
Month-to-month - With at least thirty (30) days' notice, either party may cancel. There’s no end date in this type of lease agreement and it’s commonly used in situations where the landlord doesn’t want a fixed-term tenancy.
Rent-to-own - A contract used for a normal renting arrangement with the option to purchase the property. The tenant usually undergoes screening by the landlord for income verification. In case a purchase does not occur, the landlord and tenant will agree to the same terms as a standard lease.
Roommate - In a situation where individuals share a space/home with each person having a bedroom to themselves, a roommate agreement is employed amongst persons. This is only used as a contract between roommates, not between a non-lease holder and the landlord.
Standard (Chicago and outside Chicago) - Usually a fixed term, say twelve (12) months written for residential units within city limits and outside Chicago. This agreement will address a variety of issues, including security deposit laws, holdovers, and utilities.
Sublease agreements - This type of lease agreement lets a tenant (sublessor) re-rent their property with authorization from the landlord. The subtenant may not stay longer than the tenant's master lease.
These different types of lease agreements depend on tenancy tenure and the purpose/use of premises.
Any information concerning the property or a renter's rights that is disclosed prior to moving in is termed a disclosure. As regards this specific rental and lease agreement, there are about six (6) required disclosures. They include;
Carbon-mono-oxide Detectors (Public Act 094-0741, Section 10)
Concession Granted (765 ILCS 730)
Radon Disclosure (420 ILCS 46)
Smoke Detectors (425 ILCS 60/3(d))
Shared Meter (765 ILCS 740/5)
Landlords in Illinois are not required to give tenants notice before entering their property for any reason other than an emergency. Although landlords aren’t required to give notice before visiting the premises, it’s advised that they do so.
Landlords frequently demand security deposits to protect themselves from losing money due to damage caused by their tenants. The landlord incentivizes the tenant to maintain the unit by promising to return the deposit if the property is not damaged.
If the Landlord owns more than twenty-five (25) rental units, the Security Deposit must be placed in an interest-bearing account with an interest rate equal to the interest rate in Illinois on December 31 of the previous year.
First, download the document from this page in Word or PDF formats. You can also create a unique Illinois lease agreement using our document generator which is also available on this page.
Step 1: Enter the date of signing, the landlord's information, and the tenant's information (Name, Mailing Address, City, and State).
Step 2: State by checking one of the boxes if it’s a fixed lease or a month-to-month lease. If fixed, check one of the two options if at the end of the lease term/tenure no renewal is made.
Step 3: Indicate whether the premises have any other occupants than the tenant by checking one of the boxes.
Step 4: Fill in the details about the property (Mailing address, city, state, residence type, number of bedrooms and bathrooms)
Step 5: Check one of the boxes to indicate the tenant's or occupant's purpose and use of the property, as well as the furnishing and provision of appliances.
Step 6: The data for the rent, NSF (Non-Sufficient Funds) checks, late fees, 1st month's rent, prepayment, proration period, security deposit, and move-in inspection report must be entered in the following sections.
Step 7: The information in the following sections requires you to fill in the gaps on the landlord's and tenant's responsibilities and rights. Parking, property sale, utilities/services, early termination, smoking policy, pets, waterbeds, mailing addresses, subletting, right of entry, maintenance/repairs, compliance with the law, disputes, multiple occupant(s),non-habitability of premises, carbon monoxide and smoke detectors, radon testing, and lead paint are all examples of these.
Step 8: If there are any additional terms and conditions, include them. All of the parties concerned have agreed to all of the terms and conditions by signing and printing their names.
Step 9: The whole sum owed at the time of signing should be mentioned and explained in detail. The security deposit, first month's rent, parking and pet fees, prepayment of rent, and proration amount are all included.
Step 10: The disclosure of information about lead-based paint and/or lead-based paint dangers is the focus of the final section. It necessitates the signature and print names of all persons concerned, indicating that they have consented to the correctness and truthfulness of the information presented.
Note: Step 8 and 10 requiresthe print name and signature of the tenant to be written and signed twice by the party.