Why an Attorney Should Review Your Rental Agreement

Why an Attorney Should Review Your Rental Agreement

Are you a landlord who has properties being rented out or that you want to rent out? If you do, then you need to have a rental agreement. You might have a standard agreement you found online or through a template. Maybe you are using an old agreement that hasn’t been updated in years. Regardless, you will want to have an attorney review it.

Make Sure You Are Following the Laws

There are certain laws you need to make sure you are following when you are a landlord. You can’t discriminate when it comes to renting out your property, for example, but you may not know all of the ins and outs of how this and other laws work. There could also be outdated text in old rental agreements you are using that could put you at risk.

In some cases, the attorney could find that you and your property aren’t fully protected in the agreement. In those cases, you can work with the attorney to redo the contract before it is presented to the new renters. Although having them draft a new rental agreement may seem inconvenient, most can handle this in a relatively small amount of time.

What If You Are the Renter?

Most of the time, renters don’t think they have to worry about standard rental agreements they have to sign before they can rent an apartment or house because they are standard. While this may be true in many cases, you have to realize that you are still signing a legal agreement. There could be language in there that is not only not in your favor, but that could be illegal, as well.

Rental agreements tend to be relatively simple, so hiring an attorney to look at yours should be fast and affordable. Although it might not be needed, it is something you will want to consider, particularly if you think there is anything odd in the agreement.

Find a Quality Attorney

Whether you are a landlord or you are someone who is renting a piece of property, you are going to need to speak with an attorney. You will want to talk with an attorney who knows and understands real estate law. Keep in mind that not all attorneys are capable of providing you with this type of knowledge. Make sure you are working with the best.

Turn to the experienced lawyers here at Bell Shah Law when you have any type of rental property questions. We will put our years of experience to work for you and ensure you and your real estate are properly represented

As a Landlord, Do You Have Obligations with Security Deposit Funds?

As a Landlord, Do You Have Obligations with Security Deposit Funds?

Usually provided by a renter during or before the signing of a lease, a security deposit is an amount of money, typically one month’s rent, held by a landlord or property manager to cover repairs for damages beyond ordinary wear and tear or any outstanding rent after a renter has moved out. In many states the amount of funds used for security deposits is limited by law. In Illinois, a security deposit needs to be included in most types of residential leases and rental agreements. The following is a discussion of Illinois laws dealing with the limits of security deposit funds, along with their use and return.

Amounts Charged for Security Deposits

Illinois law does not regulate the amount that can be charged for security deposits, but city and county laws vary on this subject, so it’s a good idea to check if your municipality or county places a cap on security deposits made by residential renters.

Deadline for Returning Security Deposits

Illinois law stipulates that for properties containing five units or more, renters’ security deposits must be returned from 30 to 45 days after the renters move out, depending on if the renters question deductions taken from their deposits or if landlords provide detailed statements and receipts.

Other information Landlords Need to Know Regarding Security Deposits

Besides adhering to Illinois laws on security deposit limits and returns, landlords in Illinois have to pay interest on security deposits held for more than six months if renting 25 or more units in either one building or in a group of buildings on adjacent properties.

Since security deposits are refundable, minus the above-mentioned deductions, it’s important to know the state regulations and best ways to handle these funds. Keeping itemized records is also advisable in order to be well-prepared should a dispute with a renter arise. If you have any questions or concerns about the state laws that apply to your rental property, contact Bell & Shaw Law, LLC for a free consultation. Our knowledgeable real estate lawyers will be glad to assist you.

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