An Illinois standard lease agreement is a legally binding contract tailored for tenants and landlords in the state, delineating the terms governing the rental of residential properties.
It covers essential specifics like lease duration, rental payment arrangements, security deposits, maintenance responsibilities, utility agreements, pet policies, lease termination procedures, and potential lease renewal or extension provisions.
Considerations on Lease Length
- A lease can be oral or written. Written leases are common, specifying terms and conditions binding both parties. For leases longer than one year, a written agreement is required.
- When a lease is not in writing or does not specify a duration, it is often considered a periodic lease. The frequency of the rental payments usually determines the period of such a lease. For example, if rent is paid monthly, the lease is likely considered month-to-month; if rent is paid weekly, the lease defaults to week-to-week.
Security Deposit
- Maximum Amount ($): No state-imposed limit
- Returning to Tenant: Within 30 days if deductions were made. Within 45 days after the tenant leaves the premises. (765 ILCS 710/1(a))
Rent Grace Period
There is a five-day rent grace period in Illinois. (770 ILCS 95.7.10(a))
Landlord Resources
- Landlord-Tenant Laws – Landlord and Tenant Act (765 ILCS 705/).
- Handbook – Illinois Housing Handbook.
