Lease agreements are a crucial part of the renting process. For tenants, a lease agreement provides clarity on the terms and conditions of their rental agreement. For landlords, it offers legal protection and a recourse for taking action when tenants fail to meet their obligations.
If you are a renter in Chicago looking for a new place to live in 2021, understanding the lease agreement is essential. Here`s everything you need to know about 2021 lease agreements in Chicago.
What is a lease agreement?
A lease agreement is a legal contract between a landlord and a tenant that outlines the terms and conditions of the rental agreement. In Chicago, a lease agreement is typically a one-year contract between the landlord and tenant that establishes the rent amount, payment due date, security deposit, and other terms.
What should you expect from a lease agreement in 2021?
With the pandemic still affecting the rental market, many landlords and tenants are dealing with unprecedented challenges. As a result, lease agreements in 2021 may include additional provisions regarding pandemic-related issues such as rent payment plans, eviction moratoriums, and lease extensions.
Here are some key provisions to expect in a 2021 Chicago lease agreement:
1. Rent payment: In 2021, rent payment plans are more common than ever before. Some landlords are offering payment plans and partial rent payments to help tenants who have been financially impacted by the pandemic.
2. Security deposit: The security deposit is a common provision in lease agreements. In Chicago, landlords are required to return the deposit within 45 days of the lease ending. However, if the tenant fails to meet any of the lease obligations, the landlord can keep the deposit.
3. Late fees: A late fee is a penalty fee that a tenant incurs if they do not pay rent on time. It is essential to understand the late fee policy in your lease agreement to avoid unnecessary fees.
4. Lease termination: Lease termination is the process of ending a lease agreement before the expiration date. In Chicago, landlords can terminate a lease agreement if the tenant fails to meet the obligations set out in the agreement.
5. Maintenance and repairs: The tenant is responsible for keep the rental unit clean and in good condition. However, the landlord is responsible for repairing anything that is broken or damaged in the rental unit.
Final thoughts
Lease agreements protect both the landlord and tenant in Chicago. It is vital to read and understand the lease agreement before signing it. The provisions in the lease agreement are legally binding, and failure to follow the provisions can result in legal action.
If you are a renter in Chicago looking for a new place to live, it is essential to understand the lease agreement`s terms and conditions. Don`t hesitate to ask questions and clarify any provisions you are unsure about before signing the lease agreement.