Many landlords in Chicago don’t follow the Chicago Residential Landlord Tenant Ordinance or RLTO. As a result, the City Council has rolled out regulations to protect renters from various issues, like the rules regarding security deposit in Chicago. Security deposits help landlords if tenants damage their property and do not pay their last month’s rent. However, often, landlords take advantage of this deposit, especially when their tenants are not aware of the laws. And that’s why the following section is here to make every tenant aware of their rights. So, continue reading and learn about the rules your tenant must follow! Learn About the Security Deposit Rules in Chicago Landlords Must Follow!
The first step of protecting yourself is to know your rights. So, be sure to note the following regulations your landlord must follow: 1. Providing Receipts After receiving the deposit, your landlord should provide you with a written receipt. The recipes should disclose the deposit amount, your tenant’s name, and a description of the rented premise. Furthermore, it should have your signature, the name of the person who received the deposit, and the date of receiving it. 2. Disclose the Location of the Deposit Holding Bank The landlord should disclose the name and address of the bank holding the security deposit in Chicago in the written lease. They should provide this information within 14 days of receiving the deposit. 3. Repair Deduction Receipts If your landlord is making deductions for repairs caused by you, they should offer a statement of the repair cost. They should offer the bills within 30 days after you vacate the lease premises. The landlord may also have to enclose copies of paid receipts. 4. Keep the Deposit Separate and Pay Annual Interest Your landlord should keep your deposit in an insured, interest-bearing account, separate from their assets. They are responsible for paying you an interest within 30 days after the end of a rental period. 5. Refunding Deposits When a renter vacates the premises, a landlord should refund the deposit minus the qualified deductions. They have to complete the refund within specific days after the termination notice of the renter. Find the Best Security Deposit Lawyers in Chicago If you are trying to get back your security deposit in Chicago, you can contact Mark Silverman Law Office Ltd. They can provide you with top-notch deposit lawyers to protect your rights. You may visit depositlaw.com to learn more about them.
0 Comments
Leave a Reply. |
Categories
All
|