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Provided that all parties involved agree to the terms outlined, they must provide their signatures to indicate so. These must be accompanied by the date and legible printing of the associated names. With all this, the document will become legally binding.

I promise to pay 1/__ of the monthly rent. This amounts to $____. The total amount my roommate(s) and I are liable for over the period of the lease is $____, of which my share is $____. I understand that we, as a group and as individuals, are responsible to our landlord for the total rent for the term of the agreement.

The state law allows tenants to seek habitable housing, meaning that the property should be presented in good condition by the landlord. In case the property suffers from damages that exceed normal wear and tear, the landlord must provide repairs within a reasonable time frame.

A lease agreement in Illinois must be in writing if the rental term will last for 12 or more months. Oral leases can be enforced for lease terms under a year, but generally, it is advisable to have a written lease to ensure both the landlord and tenant understand their rights and responsibilities.

Updated on June 23rd, 2023. An Illinois lease agreement is a contract that defines the relationship between an owner/landlord of real property and their tenant(s). The landlord may be managing a residential rental space or a commercial property available to rent by a business entity.

A lease is a legal, binding contract outlining the terms under which one party agrees to rent property owned by another party. It guarantees the tenant or lessee use of the property and guarantees the property owner or landlord regular payments for a specified period in exchange.