Illinois License To Occupy
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FAQ
A lease is the grant of legal interest in land which gives exclusive possession for a fixed period of time. A licence is merely a personal permission granting licence to occupy or do something on someone else's property.
Comply With Anti-Discrimination Laws. Follow State Rent Rules. Meet State Security Deposit Limits and Return Rules. Provide Habitable Housing. Prepare a Legal Written Lease or Rental Agreement. Make Legally Required Disclosures.
A licence grants a personal right to use the property or part of the property in a certain way. A lease, on the other hand, is the grant of a right to the exclusive possession of land for a determinable period of time. It is important for both parties to understand the type of agreement into which they are entering.
Buy an investment property. Budget for unexpected costs. Understand landlord-tenant laws. Purchase landlord insurance. Get your property move-in ready. Determine how much rent to charge. Market the rental property. Screen prospective tenants.
Illinois requires that landlords provide at least 24 hours notice before entering a unit. Reasonable times are defined as Monday-Friday between 8am and 6pm. The reason for entry can be a repair or to show the property to prospective tenants, future owners, etc.
A licence to occupy is a personal agreement between the licensor and the occupier (the licensee), whereby the licensor permits the licensee non-exclusive occupation of the premises for a short period of time, typically six or 12 months.
State law regulates several rent-related issues, including the amount of notice (at least 30 days in Illinois) landlords must give tenants to raise the rent and how much time (five days in Illinois) a tenant has to pay rent or move before a landlord can file for eviction.
A licence to occupy residential property is far more informal than a tenancy agreement and the licensee will not benefit from the statutory protections given to a tenant occupying property under a tenancy agreement. With a tenancy agreement, the landlord has a range of responsibilities implied into the contract by law.
A lease is the grant of legal interest in land which gives exclusive possession for a fixed period of time. A licence is merely a personal permission granting licence to occupy or do something on someone else's property.
