Author Archives: Richard Magnone

State of Illinois finally announces their 2017 security deposit interest rate

2017 Illinois rate announced by IDFPR Well, it took them about two weeks into the new year, but the State of Illinois has released the 2017 security deposit interest rate for those leases governed by the Illinois Security Deposit Interest … Continue reading

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Should I evict? Naah, the lease is almost over!

Why most Illinois landlords are wrong about their bad tenants! Many landlords waver at the decision to evict.  That’s natural.  To most landlords, evictions are scary.  Worse yet, Illinois evictions are expensive, uncertain, and take lots of time.  Luckily, the … Continue reading

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Is there an ordinance or law requiring renter’s insurance in Chicago or in Illinois?

Quick hit: mandatory renter’s insurance requirements? No.  At this time, there is no ordinance in the City of Chicago that requires that a tenant obtain renter’s insurance.  In fact, there is no statute in the State of Illinois that requires … Continue reading

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2017 CRLTO Chicago Interest Rate Summary Available

2017 Rate of Interest on Security Deposits released by Chicago Building Department! It took a few days, but the 2017 Chicago RLTO interest rate summary is now available.  Remember, the interest rate for leases governed by the CRLTO entered into … Continue reading

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New recycling ordinance requires another summary from Chicago landlords

New Chicago Recycling Ordinance requires recycling flyer Last summer, the City of Chicago updated the Chicago Recycling Ordinance.  That new law went into effect on January 1, 2017.  The new ordinance has a direct effect on certain Chicago landlords.  This … Continue reading

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New lead law affecting Illinois landlords kicks off 2017

Amendments to Lead Poisoning Prevention Act regarding lead mitigation effective January 1, 2017 Back in August, 2016, the State passed amendments to the Illinois Lead Poisoning Prevention Act that affect landlords.  Many landlords are aware of the federal law that … Continue reading

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2017 Chicago Security Deposit Interest rate released!

2017 City of Chicago Security Deposit Interest Rate for Chicago rentals RLTO CRLTO

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2016-17 Cook County Sheriff Holiday Eviction Moratorium

Cook County Eviction winter “stay” starts soon It is that time of year where the Cook County Circuit Court extends some holiday cheer to tenants (certainly not to landlords) and prohibits the Sheriff from enforcing eviction orders.  By way of … Continue reading

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4 Mistakes Landlords Make with the 5 Day Notice

Don’t make these mistakes with the 5 Day Notice The five day notice for non-payment of rent (by the way, it is 10 days in Evanston, thank you very much) – it’s that “simple” little notice that is the beginning … Continue reading

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Chicago Association of Realtors issues a Security Deposit Receipt

New Receipt Form issued by CAR for Deposits As readers of my blog should be well aware, I do not advocate the use of security deposits in those rentals governed by the Chicago Residential Landlord Tenant Ordinance.  While many landlords … Continue reading

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