Illinois Commercial Lease Agreement
The Illinois Commercial Lease Agreement is a document designed for professionals planning on leasing a property that will be used solely for business purposes. Because the agreement is exclusively between business people, the state of Illinois has far fewer protections in place for the tenant than exist for residential tenants. This is because it is thought that business people are far less likely to be taken advantage of and thus are responsible for ensuring they are treated fairly. Negotiation between the parties is pivotal – before any signatures are written on the lease, the tenant(s) should have a thorough understanding of every condition contained within the form. If any questions cannot be answered easily, it is highly recommended the business-tenant has a licensed realtor check over the document.
Lease Laws: 765 ILCS 710
Important Considerations
Unlike Illinois’ residential lease laws, landlords are not required to make any disclosures to the tenant. For example, landlords do not have to give a lead paint disclosure, notices about radon, or notices relating to anything else. Additionally, there are no signing requirements (other than the party’s signatures) and leases have no implied warranty of fitness.
Illinois Commercial Leasing Guidebook.pdf – Contains a series of Q/A regarding commercial leasing in the state. Provides a clear overview of all laws and statutes.