An Illinois rent-to-own lease agreement is a legal document that not only secures a residence for tenants but also extends an exclusive option to purchase the property at a predetermined price. This arrangement is a lifeline for those facing obstacles in obtaining a traditional mortgage, offering a progressive path to homeownership through manageable monthly payments.
Over the course of the agreement, tenants have the opportunity to strengthen their credit profile and financial standing, positioning themselves favorably for mortgage qualification by the end of the lease term. The fixed purchase price ensures stability, shielding tenants from market fluctuations that may affect property values.
Landlord-Tenant Laws: Illinois Compiled Statutes Chapter 765, Acts 705-755 (Landlord and Tenant).
Purchase Agreement Laws: Illinois Compiled Statutes Chapter 765, Acts 5-170 (Real Property).