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John Zachara is a licensed Attorney who has been practicing law in the State of Illinois since 1977 and is also a Member of the Illinois and Federal Bars. He is vastly experienced in many fields of law, but primarily handles Residential Real Estate; Evictions; Estate Planning; and Wills and Trusts. John is experienced with issues that effect both renters and landlords. With strong communication skills and consistent follow-through, South Loop Rentals & Management considers him to be an excellent resource.
Landlords, did you know?
Link to the Chicago Residential Landlord and Tenant Ordinance
Landlords, did you know?
Whether you lease out one unit or dozens, if you are a landlord in the City of Chicago, you must be careful to adhere to the requirements of the Chicago Residential Landlord and Tenant Ordinance (Municipal Code Title 5, Chapter 1). Most residential rental units in Chicago are covered by this Ordinance. The Ordinance specifies the landlord's obligations and the tenant's remedies for landlord's failure to act as required by law. In order to avoid costly lawsuits from litigous tenants, a landlord should utilize a proper Chicago apartment lease that takes the Ordinance into account.
Landlords must be especially careful when dealing with the following lease-related issues:
1) When receiving a security deposit, the landlord must provide a written, signed and dated receipt of the security deposit. The receipt should include the landlord's name and the address of the property that is subject to the lease. If the landlord fails to provide such a receipt, the tenant is entitled to an immediate return of the security deposit.
2) The landlord must hold the security deposit in a segregated account and pay the interest accrued on it every twelve months. Furthermore, within forty-five days after the lease ends, the landlord must return the security deposit, minus unpaid rent and a reasonable amount for repairs if the tenant damaged the unit. Otherwise the tenant may be awarded twice the security deposit, plus interest.
3) The landlord must provide his or his management company's name, address, and phone number when the lease is signed, or the tenant may terminate the lease. If the tenant requests this information and the landlord fails to provide it, the landlord can become liable for additional damages.
4) Any late payment fees cannot be greater than $10 per month for the first $500 in rent, plus 5% of any amount in excess of $500. If the landlord attempts to enforce a late fee in excess of this amount, the tenant may recover up to two months' rent.
5) If a landlord enters a tenant's unit unlawfully, the tenant can obtain injunctive relief or terminate the lease.
These are just some of the items that a Chicago landlord should be aware of prior to entering into any lease. Indeed, anyone interested in renting out property in Chicago should familiarize themselves with the Ordinance to avoid running afoul of it. Penalties assessed against landlords can be severe, and landlords should proactively review their leases to ensure compliance with city law. Rest assured, South Loop Rentals & Management follows the guidlines of the Chicago Residential Landlord and Tenant Ordinance.
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