Illinois Lease Agreement: What Is It?
Let’s say you’ve acquired a nice, livable piece of property in picturesque Illinois. You want to turn a profit and rent it to some nice tenants. You’ll need to have a solid lease agreement in place that protects you from potential tenant disputes.
Having all your T’s crossed and your I’s dotted really goes a long way. It’s true that many parts of a lease agreement are pretty selfexplanatory. In fact, the document makes so much sense, it’s easy to overlook those little details that can bite you back later. Here are a few seemingly obvious parts of your lease agreement you want to be sure to get right.
Rules about alterations
. Are you OK with your tenants painting their bedroom walls with black light paint or making a Goyalike mural on the refrigerator? You’ll need to make it very clear what alterations you do and do not condone. After all, there may come a time those tenants move out. You don’t want to be stuck with the cost of renovating unsightly or unrentable features.
List all legal occupants
. Anyone over 18 who will be inhabiting the apartment needs to be mentioned on the lease. This is for the tenants’ sake as much as yours. Unmentioned parties who are of age may be considered trespassers if they are discovered on the premises. Naming all legal parties prevents health code and legal issues for everyone involved.
Be sure the tenant pays attorney’s fees
. Any legal action taken to enforce the lease should be funded by the tenant. You need a clause in the lease agreement stating as such to ensure that this happens.
