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Formswift: Stay compliant with our easy-to-use Illinois lease agreement template

Supercharge your leasing process with our Illinois lease agreement template. Our customizable template saves you time and helps you ensure legal compliance, so you can create a rock-solid lease agreement tailored to your specific needs.

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What is an Illinois lease agreement?

An Illinois lease agreement is a legal document between a landlord (lessor) and a prospective tenant (lessee), outlining the terms and conditions for renting a residential property in the state of Illinois. 

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Most commonly used Illinois lease agreements

The most common Chicago or Illinois lease agreement is a standard residential lease agreement. This rental agreement covers the rental of real estate for residential purposes. 

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What information does a residential lease agreement include?

Standard Illinois residential lease agreements include the names of the parties involved, property managers, lease term, rent amount, and any specific rules or restrictions.

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Which disclosures belong in an Illinois lease agreement?

Illinois law, federal law, and local ordinances require several disclosures in an Illinois lease agreement. These disclosures provide important information and help protect tenant rights.

Outline the amount of the security deposit, how it will be held, and the conditions for its return.

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If the property was built before 1978, disclose any known lead-based paint hazards.

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If the property has been tested for radon gas, provide the results and any necessary disclosures.

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Disclose any known mold issues or provide information on preventive measures.

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You must disclose if a rental property has been used for methamphetamine production.

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What you need to know about Illinois lease agreement deposits

State law allows landlords to collect a security deposit from tenants. The security deposit serves as protection against any damages beyond normal wear and tear or missing payment of rent.

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Limitations

According to Illinois’s landlord-tenant laws, there’s no statutory limit for a security deposit. 

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Itemized deductions

When deducting from the security deposit, landlords must provide an itemized statement of the damages or unpaid rent within 30 days of the tenant moving out.

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Security deposit interest

Landlords who own buildings with 25 or more units must pay interest on a tenant’s security deposit held for at least six months. The interest rate is determined by the state.

Frequently asked questions

In Illinois, if the lease agreement specifies a fixed rent for a certain period, the landlord generally cannot increase the rent until the lease term expires. However, rent increases may be allowed if the rental lease agreement includes a provision for such increases.

Terminating a renter’s tenancy is possible in certain situations, such as military deployment, domestic violence, or if the landlord fails to provide essential services. However, early termination may be subject to penalties or conditions outlined in the lease agreement.

If the landlord fails to return the security deposit or provide an itemized statement within 30 days of the tenant moving out, the tenant may be entitled to damages of up to twice the amount wrongfully withheld.

Generally, a landlord must provide reasonable day notice and obtain the tenant's consent before entering the rental unit, except in emergencies or other specific circumstances defined by law.

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