Where to get from Standard Illinois Lease Agreement?

Question

Hello everyone,

We are new investors (Illinois, Addison) and soon we will be in need to renew tenant's agreements or look for new tenants. Where landlords usually get the copies from?

Thank you!

Account Closed · Answer

@Lena S. I agree with @George Skidis. There is no "standard lease". If you google "lease .doc" or "lease .pdf" you will find a few options available online. I'm sure the one @John Warren sends you will get the job done. If the property is in Chicago, there is a version that is widely accepted that is in compliance with the Chicago Ordinance. That is as close to a "standard lease" that you will be able to find.

As a new investor, before purchasing and or leasing a property, I would also call your village to confirm you are aware of any local ordinances that you must comply with. For instance, I own a few investment property in villages that have a "crime free tenants" ordinance which requires the landlord to attend a training and the tenant to sign an addendum to each lease.

Hope that helps. Good luck with your investments.

Account Closed · Answer

I would encourage you to get one through an attorney you do business with. If you have questions about the agreement down the road, it makes it easier if the attorney your dealing with wrote the agreement.

Lena S. · Answer

Thank you all for responding to my questions and giving me enough details. Our property is located in Addison Il and we already have done training as Addison also have "crime free tenants". Thanks for REIA I will check it.

George Skidis · Answer

There is no "Standard Lease" in Illinois. If it is less than 5 pages long it probably will not protect you. Chicago and Cook county have different rules than the rest of the state. We sell a course called the   " Ins And Outs of Leases" if you are interested.

No matter where you get your lease join your local REIA to find out what others in your area are doing.

PLEASE consult an attorney who works in contract law / Leases and have them review your choice.

John Warren · Answer

@Lena S. PM me and I can send you the one we have been using. It is free..

Jonathan Klemm · Answer

@Lena S. - BP offers some illoinois specific ones here: https://www.biggerpockets.com/store/products/illin...

Or check out: http://www.heartlandro.realtor/Member/Login/forms/...

Good Luck!