Posted by Bradford Miller Law, P.C., a law firm practicing in the areas of real estate, landlord tenant law, and estate planning. Contact Attorney Bradford Miller at 312-238-9298 for a free consultation.
More and more, I see Chicago landlords making costly mistakes. Here are the top three that I see.
1) Failure of a landlord to give a tenant a receipt. A landlord must give a receipt to a tenant upon receiving a security deposit. This receipt must follow the requirements set forth in 5-12-080(b) of the RLTO.
2) Failure of a landlord to pay a tenant yearly interest on their security deposit. Under the RLTO, a landlord must not only pay interest at the end of a 12 month lease period, but the landlord must do so within 30 days after the end of the 12 month period.
3) Failure of the landlord to return a tenants security deposit within 45 days after the tenant vacates the apartment. See 5-12-080(d) of the RLTO.
The entire RLTO is on my website, http://www.bradfordmillerlaw.com/. Consult an Attorney before acting on any advice given here.
