An Illinois standard residential lease agreement is a real estate document whereby a landlord and tenant convey a rental arrangement for a residential property. Usually, a tenant rents space in (or all) the property in exchange for a fixed monthly sum. The landlord and tenant should practice due diligence before entering any such lease. For instance, landlords tend to vet potential renters by running credit and criminal background checks. In turn, prospective tenants can visit the property to ensure it meets their desired standard of living. Once the parties mutually consent to an agreement, they must complete and sign the lease into effect. Each party shall be responsible for terms dictated on the rental contract, including security deposit payments and applicable maintenance.
Handbook – Landlord and Tenant Rights and Laws
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