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Illinois Rent-to-Own Lease Agreement

An Illinois lease-to-own lease agreement is a rental contract that gives the lessee (or “tenant”) an opportunity to purchase the property they currently occupy on a rental basis. Both parties, the landlord and tenant, must come to an understanding prior to enacting the lease, thus establishing the option to buy as a legal right for the tenant. Still, both parties stand to benefit from this arrangement since it involves less paperwork and, in some instances, fewer costs. Do note, however, that a lease-to-own agreement solely upholds a tenancy until the buy option is exercised; it does not convey a purchase agreement, nor will the lessee garnish ownership upon signing. Therefore, the tenant reserves the right to opt into the buy clause or deny it within reason.

Seller Disclosures

The two (2) primary disclosures used when selling a property can be found below.

Lead-Based Paint Disclosure – Sellers of properties built prior to January 1st, 1978, must disclose any information regarding lead-based paint to buyers.

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Residential Real Property Disclosure Report (765 ILCS 77/35) – This disclosure form must be completed by the seller of residential property, and it shall be provided to the buyer prior to a purchase and sale agreement (765 ILCS 77/20).

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