If a property does not have individual counters for each rental unit or submetering system, the landlord must submit a disclosure in the rental agreement that includes: Subletting contract – Allows a tenant to re-rent his room with the owner`s consent. Tenants cannot allow the subtenant to stay longer than his or her main tenancy agreement. 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. While radon tests do not need to be performed by owners, the hazardous conditions of the lease must be disclosed if tests indicate that dangerous radon values are present in a rental unit in the basement, first or second floor. Disclosure of radon risk is not necessary in cases where sanitation is completed to achieve safe radon levels, or where radon levels are safe. The Illinois Standard Residential Lease Agreement is a contract that structures a rental situation in which one or more tenants live in a property owned or managed by an owner or managed by a landlord, for regular payments. The degree of detail that can be included in the tenancy agreement is the landlord`s responsibility, although each agreement contains (at a minimum) information on the amount of rent, service benefits, bonds, guests, duration and signatures of the party. Illinois homeowners can charge a fee of $20 or 20% of the monthly payment (depending on the highest amount) if the tenant does not pay the rent on time and exceeds the additional five (5) days (770 ILCS No. 95/7.10 (c)). It should be noted that no tax can be levied if the penalty was not provided for under the written agreement prior to the lease. 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. Lease to Own Agreement – This type of contract works like your typical lease, but also offers the additional opportunity to acquire the property at some point during the lease term. 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”. Concession (765 ILCS 730) – Any type of lease must be mentioned in the lease.