Short term rental contracts

9 Replies

Hello Investors, I was wondering if anyone has a general template for short term rental contracts.. looking to rent couple of apartments in the Illinois area for short term periods of time and planning to do directly without a site as middle man.. any comments regarding this are welcome. Thanks for your help and/or comments Andres

If those units are located within the City of Chicago or Cook County hire a pro landlord attorney located in Chicago to review whatever lease you draft. If your lease is found to be against public policy you could owe your tenant three times their deposit. That is why most landlords in that area do not collect a deposit. They do have non refundable fees however.

@Andres Duarte , have you checked the documents that BP provides as part of the pro-membership? 

As an attorney, I don't provide clients with leases because I don't draft them my self since there are so many services that you can buy these from that are area specific and 2) client's would not even want to pay me to draft one. I use the ones BP provides but I am not sure if there is a short term one in there. 

You could use a full year lease and tweak it to fit your short term needs. Just make sure you are thorough when making changes to fit your needs. You can break the rent down by a weekly rate, a lot of motels run rates that way rather than monthly. Just check with local laws to see if they have anything that could impact your lease agreement. Tenant friendly areas might require a 30 day notice of eviction regardless of length of lease etc. something to think about.

@Andres Duarte I'm hesitant to provide a response. Every village/city has requirements now, so I would need to spend time looking into the requirements of where your property is located. I know the city of Chicago has an approved version that is usable and comply with the requirements of the Chicago RLTO. Other smaller villages don't have an approved version but you'd need to confirm that you are compliant. In theory, as long as it does not put you at odds with any local ordinance, it should work but you'd want to go through the entire lease and make sure that there isn't conflicting language. For instance, in some places, it doesn't refer to the lease as a 1 year lease, when you've actually amended it to be a shorter term in other places. As you are the landlord providing the lease, any ambiguity on the lease will be construed against you and in favor of the tenant. 

For Chicago leases, I use the Chicago Investment Corporation (CIC) lease template which is specific to Chicago along with my own addendum (which includes things like fee schedules and building rules such as no smoking). You can Google 'cic lease' to find it. When doing a short term lease for an existing tenant, I would simply modify the end date of the lease to be less than one year from the date signed. 

I've waited 6+ months in Chicago for the whole evictions process to take place and would be hesitant to lease short term butting up to a future lease or returning owner anywhere the eviction process is so lengthy in potential.