disclosure

Compliance with the Chicago Heating Cost Disclosure

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gas and electric heatCertain Landlords must provide a heating cost disclosure in Chicago

Tenants responsible for paying for the cost of their gas or electric can often be surprised by the high price of their energy bills.  To combat the impact of those surprises, the City of Chicago passed an ordinance at Chapter 5-16 of the Chicago Municipal Code entitled Disclosure of Heating Costs to Tenants and most Chicago landlords need to comply.

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Illinois Residential Real Property Disclosure and Leases?

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When most Illinois property owners sell real estate, there is a law, the Illinois Residential Real Property Disclosure Act, that requires that they provide a copy of a completed Illinois Residential Real Property Disclosure to all prospective buyers.  The act imposes certain liability on the Seller for certain errors, inaccuracies, or omissions.  What does that have to do with Illinois leases?  A lease transaction, after all, is not a sale.

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