An Illinois residential lease agreement allows a tenant to rent property from a landlord in exchange for monthly rent and other consideration. The lease details also include utilities, length of tenancy, security deposit, and other fees and responsibilities. The terms should be negotiated between the parties verbally before an agreement is signed. The landlord is recommended to also check the prospective tenant’s background, before writing a lease, by having the tenant complete a rental application form. The tenant may be asked to pay a non-refundable fee for the application related to obtaining their credit, employment, and rental history.
Standard Residential Lease Agreement – Version 1
Chicago Assoc. of Realtors Lease Agreement
Mainstreet Assoc. of Realtors Lease Agreement
Maximum Amount ($) – State law does not provide a limit for landlords in regard to a security deposit amount.
Returning – Landlord must return the security deposit to the tenant within forty-five (45) days of the tenant vacating the premises (765 ILCS 710/1(a)).
Concessions – If a rent concession is provided by a landlord, the lease must include a legend and a memorandum stating the amount or extent and nature thereof. Failure on behalf of the landlord to disclose concessions granted is punishable as a misdemeanor in the State of Illinois. (765 ILCS 730/3).
Radon – Landlord must disclose to a prospective tenant the potential for exposure to radon only if the landlord is aware of this potential exposure; i.e., they are not required to conduct radon testing (420 ILCS 46).
Shared Meter – If the utilities of a tenant’s dwelling are shared between other units, the landlord must share the formula used to calculate the tenant’s portion of these utilities (765 ILCS 740/5).
Lead-Based Paint – Federal disclosure statement that tenant must receive if the dwelling was constructed prior to January 1, 1978.
Smoke Detectors – Landlord must furnish and install smoke detectors throughout the premises. However, note that during the course of the lease term, the tenant will be responsible for their maintenance. (425 ILCS 60/3(d))
Carbon Monoxide Detectors – A landlord must provide a carbon monoxide detector within 15 feet of where the tenant is sleeping. Information regarding the detectors must be listed in the lease. (Public Act 094-0741, Section 10)
Landlords are permitted to charge a “reasonable” late payment fee ($20 or 20% of rent amount) only after five (5) days have passed since the rent due date. The late fee must be established in the rental agreement (770 ILCS 95.7.10).
