Disclosures

City of Chicago releases CRLTO 2018 Interest Summary

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For all leases governed by the Chicago Residential Landlord and Tenant Ordinance (RLTO), Section 5-12-170 requires that a landlord attach a summary of the ordinance and an interest rate summary to the lease.  The City of Chicago has finally released the summary that includes the 2018 security deposit interest rate.  The summary contains an English … Read more

New lead law affecting Illinois landlords kicks off 2017

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Amendments to Lead Poisoning Prevention Act regarding lead mitigation effective January 1, 2017

Back in August, 2016, the State passed amendments to the Illinois Lead Poisoning Prevention Act that affect landlords.  Many landlords are aware of the federal law that requires landlords of residential rentals built prior to 1978 to disclose information (reports, pamphlets, etc.) of potential lead-based hazards in their real estate.  However, many Illinois landlords are unaware of their obligations under the Illinois Lead Poisoning Prevention Act.  The new amendments deal with mitigation notices for lead paint hazards in an Illinois rental building governed by the law.

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When must a Chicago landlord provide a heating cost disclosure?

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hcdTenants have a right to heating cost disclosures in Chicago

Its still cold out and we are not done with winter yet, so I want to talk about the Chicago heating cost disclosure.  It’s the forgotten attachment in the landlord-tenant world!  The form gets lost among ordinance summaries, security deposit receipts and lead-based paint disclosures.  Why?  Well, because many landlords and their agents are… lazy.  You see, it takes effort to get a heating cost disclosure.  Effort, you say?  How hard is it to get one?  Not hard at all.  The City of Chicago provides the Energy Disclosure Application form on its website (it takes up all of one page) and all a landlord has to do is fill it out and send it in to the energy provider (a landlord can even

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Compliance with the Chicago Heating Cost Disclosure

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gas and electric heatCertain Landlords must provide a heating cost disclosure in Chicago

Tenants responsible for paying for the cost of their gas or electric can often be surprised by the high price of their energy bills.  To combat the impact of those surprises, the City of Chicago passed an ordinance at Chapter 5-16 of the Chicago Municipal Code entitled Disclosure of Heating Costs to Tenants and most Chicago landlords need to comply.

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Illinois Residential Real Property Disclosure and Leases?

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When most Illinois property owners sell real estate, there is a law, the Illinois Residential Real Property Disclosure Act, that requires that they provide a copy of a completed Illinois Residential Real Property Disclosure to all prospective buyers.  The act imposes certain liability on the Seller for certain errors, inaccuracies, or omissions.  What does that have to do with Illinois leases?  A lease transaction, after all, is not a sale.

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Changes may be on the way for radon disclosures

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Radon is a colorless, odorless, naturally occurring radioactive gas that can accumulate within buildings.  The Illinois Radon Awareness Act was enacted in 2008 to require certain disclosures about the existence of radon gas from real estate sellers.  Currently, the law does not apply to landlord tenant situations.  An amendment known as House Bill 141 to … Read more