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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;

If you are not familiar with the basic requirements for filling out lease agreements, our free lease agreement templates are the best choice! You can use the ready-made editable template to customize specific agreement forms. Specify the exact terms of the deal using a ready-made structure, fonts, and design.

If the tenure for renting property is 11 months or less than one year and all the terms and conditions are agreed upon by both parties, then an oral agreement is legally binding. However, if a tenant rents the property for more than one year, a verbal agreement will not be recognized by law.

A landlord may evict a renter who does not have a lease and instead has a renter's agreement, as long as they give the tenant at least a 30-day notice. There is no reasoning required for a landlord to end this type of agreement.

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.

Written and Oral Contracts Illinois recognizes both types of contracts as valid, but the statute of frauds requires certain types of contracts to be in writing (see Question 2).