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Illinois Rental Lease Agreements | Laws

An Illinois lease agreement is a contract entered into by two parties; an owner/landlord of real property and a tenant. The landlord may be managing a residential rental space or a commercial property available to rent by a business entity. Each type of rental agreement listed below will contain different terms and conditions specific to the rental situation for which they were created. The provisions contained therein should be looked over carefully by prospective tenants before they agree to sign the document. Landlords should check a tenant’s background, such as credit, employment, and rental history, to ensure they are suitable for tenancy.

Rental Application – This document can be handed out to applicants so the landlord can obtain all the necessary information to find an eligible tenant.

Contents

Agreements: By Type (7)


Commercial Lease Agreement – Used to rent office space, industrial properties, and retail stores to individuals or business entities.

Download: Adobe PDF, MS Word, OpenDocument

 


College Roommate Agreement – Used by college students to set terms and conditions of cohabitation.

Download: Adobe PDF, MS Word, OpenDocument


Lease with Option to Purchase (Lease to Own) – Created for individuals who wish to lease a piece of property for a certain period of time and have the option to buy it if certain terms and conditions are met.

Download: Adobe PDF, MS Word, OpenDocument


Month to Month Lease Agreement – Establishes a temporary rental arrangement wherein the tenant pays monthly rent and both parties (landlord and tenant) may terminate the arrangement with a relatively short notice period.

Download: Adobe PDF, MS Word, OpenDocument


Roommate Agreement – Used to establish rent amount, deposits, utilities, termination options, etc. between individuals who are living together (this is separate from, but in conjunction with, the original lease agreement.)

Download: Adobe PDF, MS Word, OpenDocument


Standard (1-year) Lease Agreement – Creates a residential rental arrangement between a landlord and tenant for a fixed-term.

Download: Adobe PDF, MS Word, OpenDocument

 


Sublease Agreement – Used by tenants who have been given permission by their landlord to rent part of, or the entirety of, their space to another individual (subtenant).

Download: Adobe PDF, MS Word, OpenDocument

 


Landlord-Tenant Laws

Disclosures

Concession (765 ILCS 730) – Any concession for rent must be written in the lease agreement.

Radon (420 ILCS 46) – Landlord must disclose to the tenant if radon exists on the premises; however, they are not required to test for it. (Only required if the rental unit is on the second floor or lower). Furthermore, this Radon Guide must be presented to all tenants if radon exists on the premises.

Utility Payments (765 ILCS 740/5) – Landlord must notify tenants if they are on a shared utility meter and must disclose how they will be splitting up the charges.

Landlord’s Access

General Access – Not mentioned in state statutes.

Emergency Access – Not mentioned in state statutes.

Rent

Grace Period (770 ILCS 95.7.10(a)) – Tenant is given a five (5) day grace period after the rent due date.

Maximum Fees ($) (770 ILCS 95.7.10(c)) – A reasonable late rent fee may be charged by the landlord; reasonable being not more than $20 or 20% of the rent.

Rent Increase Notice – Not mentioned in state statutes.

Security Deposits

Maximum Amount ($) (765 ILCS 710/1) – There is no maximum security deposit amount set in state law.

Returning to Tenant (765 ILCS 710/1(a)) – Landlord must return the security deposit within forty-five (45) days of the move-out date.

Interest Required? (765 ILCS 715/1&2)- Yes, but only landlords who own twenty-five (25) or more units and only for deposits held for six (6) months or longer.

Separate Bank Account? – Not mentioned in state statutes.