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Residential Real Estate Leasing Toolkit (IL)
Practical Law Toolkit w-004-9815 (Approx. 8 pages)
Residential Real Estate Leasing Toolkit (IL)
by Practical Law Real Estate
| Maintained • Illinois |
Resources to assist counsel to landlords and tenants when leasing residential properties (single-family or multiple dwelling unit properties) in Illinois and in Chicago, Illinois. This Toolkit also contains a form of residential lease and guidance on how federal, state, and local laws apply to residential leases in Illinois and in Chicago, Illinois.
This Toolkit provides resources designed to provide guidance to landlords and tenants on certain aspects of residential leasing in Illinois and issues specific to Chicago residential leases.
Leasing residential properties (single-family or multiple dwelling unit properties) in Illinois and in Chicago is highly regulated with many federal, state, and local laws that apply. Although every residential lease has its own set of nuances, most residential leases have the same general issues including:
- Statutory and local municipal ordinance requirements.
- Pre-leasing issues for the landlord and the tenant to consider.
- The basic elements of a residential lease.
- Standard residential lease clauses.
- Issues that may arise after the residential lease takes effect.
Counsel for landlords and tenants have their own set of unique objectives and try to limit their clients' liability at every stage of the process. This Toolkit contains continuously maintained Practice Notes, Standard Documents, and a State Q&A to help counsel for landlords and tenants manage the residential leasing process.