The relationship of landlord/tenant or lessor/lessee is created by contract. The person who owns the real property is known as the lessor or landlord. The lessee, or tenant, is the one who occupies the property.
Tenancies are classified by duration as tenancies for years, from year to year, month to month, and at will. A tenancy for years is one under which the tenant has an estate of definite duration. The term "for years" is used to describe such a tenancy even though the duration of the tenancy is for only one year or for less than a year. A tenancy from year to year or month to month is one under which a tenant, holding an estate in land for an indefinite duration, pays an annual, monthly, or weekly rent.
Illinois Lease of Unfurnished House with Option to Purchase — Lease or Rent to Own is a legal agreement that outlines the terms and conditions for leasing an unfurnished house with the option to purchase it in the future. This type of agreement is ideal for individuals who are not yet ready to buy a property outright but want the flexibility and opportunity to become homeowners in the future. The Illinois Lease of Unfurnished House with Option to Purchase allows tenants to enter into a lease agreement for a specific duration, typically for a year or more. During the lease period, the tenant has the exclusive right to live in the property and is responsible for paying the monthly rent and maintaining the property according to the terms set forth in the lease agreement. The key feature of this lease agreement is the option to purchase the property. The lease agreement includes an option clause that gives the tenant the right, but not the obligation, to buy the house at a predetermined price within a specified timeframe. Both the purchase price and the timeframe for exercising the option are negotiated and agreed upon by the tenant and the landlord. There are different types or variations of the Illinois Lease of Unfurnished House with Option to Purchase, including: 1. Lease with Option to Purchase Agreement: This is the most common type of lease agreement, where the tenant has the option to buy the property at a specific price within a specified timeframe. The tenant pays an option fee or consideration for the right to buy the property, which is usually non-refundable. 2. Lease-Purchase Agreement: In this type of agreement, a portion of the monthly rent paid by the tenant is credited towards the purchase price if they decide to exercise their option to buy the property. This can help the tenant accumulate a down payment for their future home purchase. 3. Lease Option Agreement: This agreement allows the tenant to rent the property for a set period of time with the option to purchase it later. Unlike a lease-purchase agreement, there is no obligation for the tenant to buy the property. If the tenant chooses not to exercise the option, they can walk away without any further financial obligations. The Illinois Lease of Unfurnished House with Option to Purchase — Lease or Rent to Own provides a pathway for tenants to transition from renting to homeownership. It gives them the flexibility to try out a property before committing to purchase while also potentially locking in a purchase price. It is important for both the tenant and the landlord to carefully review and understand the terms of the agreement, including the option exercise period, purchase price, and any other specific conditions outlined in the lease.
