Westmont, Illinois (IL) · Member since 2016 · 53 posts · 15 votes
My husband and I are closing on our first 3-flat soon - it's in IL, Cook County (a suburb, not Chicago). We will be living in 1 of the units and renting out the other 2. The 2 units have month-to-month tenants who have been there for years, and they might decide to stay or not. We plan to ask them to sign 9-12 months lease agreements. I am trying to read up and get prepared before the closing date and before we meet them in person. What is the best source to study federal, state and county laws describing landlord/tenant rights and responsibilities? And what is the best source to get lease agreement forms and other necessary forms compliant with state/county laws and regulations?
Attorney · Winchester, VA · Member since 2015 · 726 posts · 387 votes
10y
The best resource would be to sit down with an attorney licensed in your jurisdiction for a thorough explanation of any specific laws that may apply in your jurisdiction. The only other way you're going to get a comprehensive, non-misleading analysis of your situation is to head down to your local law library and study up on all ordinances; whether county of city, all state legislation, and all federal law. Even then, you are unlikely to get a complete picture. If your interest is protecting yourself from a lawsuit, spend the money up front and invest in a good, attorney drafted lease agreement.
Attorney · Winchester, VA · Member since 2015 · 726 posts · 387 votes
10y
The best resource would be to sit down with an attorney licensed in your jurisdiction for a thorough explanation of any specific laws that may apply in your jurisdiction. The only other way you're going to get a comprehensive, non-misleading analysis of your situation is to head down to your local law library and study up on all ordinances; whether county of city, all state legislation, and all federal law. Even then, you are unlikely to get a complete picture. If your interest is protecting yourself from a lawsuit, spend the money up front and invest in a good, attorney drafted lease agreement.
They should be easily located on line by searching your state landlord tenant regulations.
I would strongly advise not having your tenants sign a term lease , leave them on a M2M lease to allow you more flexibility, same language as a term but without you being locked in.
Landlords mistaken believe a term lease gives them more security but it actually only allows more security for the tenant. Term or not tenants leave whenever they please where as a M2M gives the landlord the same security as a term but allows the landlord the ability to terminate with 30 days notice.