Monday, January 02, 2006

 

Lease Agreements

In Chicago you can buy a standard lease agreement at any office supply store. You can also get copies of the "Landlord Tenant Ordinance" and other interesting documents at your alderman's office. It has been my experience that some alderman's staff are more knowledgeable then others on landlord/tenant issues so don't believe everything you hear.

I have a rider to my lease that clarifies many issues. I have specific rules regarding the condition of the apartment on move-out. It is important to be specific if you anticipate charging tenants for damages and cleaning. The lease is vague and favors the tenants. I also have added specific rules about noise violations and keys (I have had problems in the past with both of these issues). But, my new and favorite rider clause came from my lawyer. Basically it states that I can accept partial payments without waiving my right to collect all of the rent regardless of anything written on the check. I had a tenant, not that long ago, pay less than half of her last month's rent and write on the check paid in full. I did not know this at the time but cashing the check meant I was endorsing the agreement written on the check. I accidentally agreed to take only a partial payment for that last month. This new clause in my lease gives me the ability to accept a partial payment without waiving my right to collect the full amount in the lease. If you are confronted with this type of check without any protection in your lease or rider, it is best to return the check and start legal proceedings for the full amount.

I highly recommend that you consult with a lawyer regarding any riders or changes you might make to a lease. You will have to pay them, but you can reuse the rider forever and it may save you a lot of money down the line.

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