lease

Should Chicago landlords want a guarantor?

by

guarantorTo co-sign or not to co-sign?

The intrepid Kay Cleaves over at StrawStickStone.com contacted me a few weeks ago with a blog idea on the topic of accepting lease guarantors and co-signers.  With students who have little or no credit history in the rental market right now, Chicago landlords may be considering the worth of adding a guarantor to a lease.  First, the basics: a guarantor is a person who voluntarily agrees to be responsible to pay for another person’s obligations if that other person defaults on those obligations.  In a sense, the guarantor “vouches” for the tenant.  So, if mom signs a lease as a guarantor for little Johnny and Johnny fails to pay the rent, in theory, mom is responsible for the rent.

Read more

Avoid employee leases in exchange of labor

by

workWhy it’s unwise to house an employee in return for services

There’s a story making the rounds on the news about a nanny in Upland, California who, despite the fact that she failed to perform agreed upon nanny services, has refused to vacate the home she moved into in return for her services.  The story even indicates that her “former employers” have tried to evict her in court without success.  Now, the family is living a nightmare with their children locked in their rooms at night for safety reasons.  I have always cautioned my landlord clients against a “work-in-exchange-for-a-room” situation.  This is one area where work life and home life should not be mixed.  Why?

Read more

Notice of Intent Not to Renew under the CRLTO – when a 30 day notice becomes a 60 day notice

by

UPDATE: A new version of 5-12-130(j) has passed the City Council.  This article is no longer timely.  As Chicago landlord-tenant attorneys, one situation that we frequently run into is when a Chicago landlord is forced to serve a sixty (60) day notice to terminate tenancy instead of a thirty (30) day notice.  This situation arises when the CRLTO applies and the tenant’s lease term has expired without the landlord serving a proper notice of intent not to renew.  Many Chicago landlord’s incorrectly believe that once a lease term expires, that is the end of the tenancy.  This is not so.

Read more

Illinois Residential Real Property Disclosure and Leases?

by

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.

Read more

Can a Chicago landlord refuse a sublese?

by

No.  That was easy.  But, as is usually true in Chicago landlording, there’s much more to the story.  What is a sublease anyway?  A sublease is merely a further leasing (by the tenant) of already leased property.  When a tenant, for whatever reason, is unable to meet lease obligations, that tenant might seek to lease the unit to a tenant of their own- a subtenant.  By doing so, the original tenant finds a new party to assist in meeting the lease obligations. 

Read more

Illinois landlord tenant insurance requirements

by

Photos courtesy of and copyright Free Range Stock, www.freerangestock.comA pipe accidentally bursts in the closet wall of a rented apartment and a tenant’s property suffers major water damage.  The tenant thinks the landlord is responsible and that the landlord’s insurance will cover the tenant’s damaged property.  In most cases, the tenant is, unfortunately, mistaken.  What kind of rules govern the insurance requirements of landlords and tenants? 

Read more

Top Five Reasons to Have an Attorney Draft Your Lease

by

Leases are important business contracts.  After choosing the “right” tenant, having a valid, enforceable, and favorable lease is the best protection of a landlord’s rental business.  Unfortunately, a poorly drafted lease or a lease that fails to include required disclosures or legal requirements can result in a nightmare for a landlord.  A written lease provides landlords certainty of the agreed upon terms that govern the landlord-tenant relationship.

Many landlords buy a lease “off the shelf”, find a form online, or borrow one from a friend.  Worse, they put these leases into use without really considering the lease’s contents.  When trouble brews, these landlords are often unpleasantly surprised to find that their “standard” lease does not help them and maybe even hurts their cause.

Read more