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Illinois Lease Purchase Agreements Package

Chicago Illinois Lease Purchase Agreements Package

Category:

Real Estate - Lease Purchase

State:

Illinois

City:

Chicago

Control #:

IL-P033-PKG

Format:

Instant download

Description

This package contains the forms that are necessary for sellers and purchasers to enter into a legally binding obligation to sell and purchase real property at the expiration of or during a lease term. In a lease purchase agreement, a party agrees to purchase a particular piece of real property within a certain timeframe, usually at a price determined beforehand. With this package, you will find the essential forms to assist you in successfully entering into and executing a commitment to purchase or sell real property. The documents in this package include the following:

1) Contract for Lease and Mandatory Purchase of Real Estate-Specific Performance Clause;

2) Contract for Lease and Purchase of Real Estate- Purchase by Date or Leave;

3) Personal Guaranty of Contract for the Lease and Purchase of Real Estate; and

4) Residential Real Estate Sales Disclosure Statement.

Purchase this package and save up to 30% over purchasing the forms separately!

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FAQ

In short, Chicago renters have no rent control protections because Illinois law prohibits municipalities from enacting rent control measures.

A written lease agreement must contain: The names and addresses of both parties; The description of the property; The rental amount and reasonable escalation; The frequency of rental payments, i.e. monthly; The amount of the deposit; The lease period; The notice period for termination of contract;

The difference between a lease option and a lease purchase agreement is that the lease option only obligates the seller to sell. A lease purchase agreement commits both parties to the sale barring breach of contract or the buyer's inability to secure a mortgage.

Yes, rent-to-own agreements are legal in Texas. They are typically made between the homeowner and the renter, who agrees to lease the home for approximately one to three years. The rent-to-own contract in Texas states and locks in the purchase price of the home.

A lease purchase agreement may be attractive to a seller in a competitive market since he is able to lock in a buyer and secure a monthly payment. The seller is typically able to charge a higher rent than he would normally receive in a traditional lease.

Lease Option to Purchase A contract in which a landlord/seller leases his or her property to a tenant/buyer for a specific monthly rent, and which gives the tenant the right (but not the obligation) to buy the property at or before the end of the lease period for a price established in advance.

10 Important Rental Lease Clauses to Include Rent Liability. This clause states that tenants are jointly and severally liable for the full rent amount.Severability Clause.Access to Premises.Use of Premises.Holding Over.Sublet Rules.Disturbance Clause.Lessee to Maintain.

Chicago does not have a rent control ordinance. In fact, rent control has been banned in all of Illinois since 1997.

Not maintaining plumbing and appliances; Not maintaining electrical systems; Not maintaining equipment supplied by the landlord; or. Not maintaining the unit and common areas in habitable condition.

In Chicago, the legal rights and responsibilities of both landlords and tenants are covered in the Residential Landlord and Tenant Ordinance (RLTO).

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