Illinois Residential Lease Agreement Template

License / Price: Free
Version: Adobe PDF
File size: 141 KB

The Illinois residential lease agreement outlines the details of a rental agreement between a landlord and tenant. This type of contract requires the tenant to pay their rent on a monthly basis and, unless it is renewed, expires after one (1) year. A rental application is often required from a potential tenant before the lease is signed. A rental application gives the landlord access to the applying tenant’s rental, criminal, employment, and credit history. In addition to the application, the landlord should request a security deposit at the beginning of the lease, which will cover any accidental damage to the property at the hands of the tenant. If the tenant ends the lease without any damage, the landlord will typically refund the tenant the cost of the security deposit. In Illinois, there is no limit on how much a landlord may request for the deposit.

Laws – Landlord and Tenant Act (765 ILCS 705), Security Deposit Return Act (765 ILCS 710), and Security Deposit Interest Act (765 ILCS 715), also see State Handbook.

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