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An Illinois rent-to-own agreement is a fixed-term rental contract between a landlord and tenant that gives the tenant the right to buy the rented property before the option period ends. This type of agreement is useful for individuals who are looking to own a residence but are experiencing difficulty doing so due to low credit and a lack of savings. A rent-to-own lease gives them the opportunity to build up their credit and save money for a down payment while renting the property they are intent on buying.
The price and other conditions regarding the purchase of the property are included in the agreement, and cannot be changed by either party once the contract has been signed. If the tenant doesn’t purchase the residence during the agreed-upon option period, they will lose any financial investment they made in the property.
Rental Laws – Chapter 765, Acts 705-750 (Landlord and Tenant)
Purchase Agreement Laws – Chapter 765, Acts 5-170 (Real Property)
Disclosures (4) |
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1) Lead-Based Paint Disclosure If a rental unit built was before 1978, the landlord must disclose the presence of lead-based paint to tenants before occupation.
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When renting out units that are located on the second floor of a building or lower, the landlord must disclose any risk of radon gas on the property to tenants, along with a copy of the Radon Guide for Tenants.
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If the landlord makes a rent concession (rebate or reduction) with the tenant, it must be written in the lease agreement.
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If the tenant is on a shared utility meter with the landlord, the landlord is required to inform them about the shared service(s) and how payments will be divided between both parties.
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