Common Lease Terms
Each lease is unique and specific but there are some common clauses which are included in most leases. When drafting a lease it is a good idea to have an attorney review the contract.
State the day of the month rent is due and the amount of the rent due each month. Also state the method and to whom the rent will be paid.
Whether or not utilities will be furnished by the landlord; and if the landlord charges for such utilities, how the charge will be determined and paid.
If rent for the month is not paid by the due date, the landlord/management company may collect late charges. Under Illinois law there is no limit to the monetary amount of late charges that can be collected. Late charges can start anytime after the first of the month.
A description of any amenities and facilities on the premises that the tenant is entitled to use such as swimming pool, laundry, or storage spaces.
The security deposit cannot exceed the amount of one and a half month's full rent (only one charge; not "one and a half times" for each tenant). The accrued interest on that security deposit belongs to the tenant and not the landlord.
The lease should explain that the tenant shall/shall not sublet the unit without prior written consent of the landlord/management company.
Alterations to the Unit
Tenant shall not make any alterations to the unit without prior written consent of the landlord/management company.
Fire and Casualty
If the building or premises are rendered partially or wholly untenantable by fire or other casualty, the landlord/management company shall deliver to the tenant notice within 60 days.
Tenant Repair Requests
How tenant repair requests are handled and procedures for emergency requests. How any needed preexisting repairs (painting, carpet/furniture/appliance removal, etc.) will be handled (and dates of repair). Whether pest control is provided and how often.
If spaces are provided.