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If you're renting out your property to a tenant, you'll want to make sure you have a written Lease Agreement signed before the tenant moves into the property. By signing a Lease Agreement, both the landlord and tenant are essentially putting the terms of their agreement to rent the property in writing.
Although there's no standard Lease Agreement, there are still some basic requirements that should be included in every lease. These include: the names of the landlord and tenant; the address of the property; the amount of rent; when the rent is due, who it should be paid to, and where it's to be paid; the amount and purpose of the security deposit; the amount of any late fee; whether pets are allowed; who's responsible for which utilities; and information about lead based paint on the property.
In Illinois there's also additional requirements that must be included in the lease. For example, if the property is located in Chicago than the landlord must keep the security deposit in an interest bearing bank account and must pay the tenant interest. Additionally, in Illinois, the landlord is not allowed to ban subletting of the apartment. All terms required by the State of Illinois have already been included in the Lease Agreement.
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