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Rusty Payton, Real Estate Pro in Chicago, IL

Is Your Chicago Lease Up To Date?

Asked by Rusty Payton, Chicago, IL Sun Jan 6, 2013

We are repeatedly presented by draft Chicago lease by listing agents that are not in compliance with the Chicago Residential Landlord Tenant Ordinance. That could cause you landlord client and you the agent serious damages. Is your lease up to date? Are you disclosing the 2013 interest rate on security deposits? Are you disclosing the name of the institution where the security deposit is held? Are you complying with the new re-keying requirements?

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I don't know of an authoritative site or any list. What is put out by the Chicago Association of Realtors is deficient. Here are some of the essentials that I know are often overlooked:

1. Summary of the CRLTO must be attached.
2. Written receipt for security deposit must be given upon receipt and must contain information as specified by the CRLTO
3 Current year's interest rate on security deposits must be disclosed (I often see leases that are out of date and that have interest rate disclosures from years past.)
4. On the face on the lease, the landlord must disclose the name and location f the financial institution where the security deposit will be held (must be in an Illinois financial institution.)
5. Radon disclose
6. Lead based paint disclosure and provided tenant with the government brochure on lead based paint.
7. Heating cost disclosure (where landlord does not pay cost of heat).

I'm probably missing something...so feel free to add.
1 vote Thank Flag Link Sat Feb 2, 2013
I have heard from several sources different lists... Is there a "Chicago Lease essentials" list somewhere?
0 votes Thank Flag Link Sun Jan 6, 2013
You can get these online. Great post though.
0 votes Thank Flag Link Sun Jan 6, 2013
Where guys:)
Flag Sun Jan 6, 2013
Links and lists of necessary forms would be wonderful!!
0 votes Thank Flag Link Sun Jan 6, 2013
Great update thanks for sharing
0 votes Thank Flag Link Sun Jan 6, 2013
Hello Rusty:)

Thanks for sharing:)

Can you provide some info links and or websites to learn the new requirements?

Thanks,

Yolandra
0 votes Thank Flag Link Sun Jan 6, 2013
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