Chicago Rental Lease Agreement 2019: A Guide for Landlords and Tenants

If you are a landlord or tenant in Chicago, it is important to have a thorough understanding of the rental lease agreement. The lease agreement is a legally binding document that outlines the terms and conditions of the rental agreement between the landlord and tenant. In this article, we will discuss the Chicago Rental Lease Agreement 2019 – what it covers and its key provisions.

What is a Rental Lease Agreement?

A rental lease agreement is a legal document that outlines the terms and conditions of the rental agreement between a landlord and tenant. It is a legally binding agreement that protects both parties – the landlord and the tenant – by outlining the rights and responsibilities of each party. A rental lease agreement typically covers items such as rent, security deposit, term of lease, maintenance, and repairs.

What does the Chicago Rental Lease Agreement 2019 cover?

The Chicago Rental Lease Agreement 2019 covers a variety of important topics related to rental property. These include, but are not limited to:

– Rent: This section of the agreement outlines how much rent the tenant will pay, when it is due, and how it should be paid.

– Security deposit: This section outlines how much the security deposit will be, how it will be held, and when it will be returned.

– Term of lease: This section outlines the start and end dates of the lease agreement, as well as the duration of the lease.

– Maintenance and repairs: This section outlines the responsibilities of both the landlord and tenant when it comes to maintaining and repairing the rental property.

– Use of property: This section outlines any restrictions on how the tenant can use the rental property.

– Pet policy: If pets are allowed, this section outlines the rules and requirements for keeping pets on the rental property.

– Termination: This section outlines the circumstances under which the lease agreement can be terminated by either the landlord or the tenant.

What are the key provisions of the Chicago Rental Lease Agreement 2019?

There are several key provisions of the Chicago Rental Lease Agreement 2019 that landlords and tenants should be aware of. Some of the most important provisions include:

– Security Deposit: Under the Chicago Residential Landlord and Tenant Ordinance (RLTO), landlords are required to return the tenant`s security deposit within 45 days of the tenant moving out of the rental property.

– Maintenance and Repairs: The Chicago RLTO requires landlords to keep rental properties in a safe and habitable condition. This includes repairing any defects or hazards that could affect the health and safety of tenants.

– Rent Increase: If a landlord wishes to increase the rent, they must provide the tenant with written notice at least 30 days prior to the expiration of the lease.

– Termination: If a tenant wishes to end the lease early, they must provide written notice to the landlord at least 30 days in advance. If the landlord wishes to end the lease early, they must provide written notice to the tenant at least 60 days in advance.

In conclusion, the Chicago Rental Lease Agreement 2019 is a crucial legal document that outlines the terms and conditions of the rental agreement between a landlord and tenant. It is important for both parties to understand the key provisions of the agreement in order to protect their rights and responsibilities. If you are a landlord or tenant in Chicago, be sure to review and understand the terms of the rental lease agreement in order to avoid any misunderstandings or legal issues down the line.