Chicago Security Deposit..more information you should know

On  January 14, 2014, I published a blog titled "Chicago Security Deposits...Did you know?" Here is some additional information for Landlords regarding this subject:

• Before expenses for damages can be deducted from the security deposit, a landlord must provide the tenant with an itemized statement of the damages within 30 days of the date the tenant vacates the dwelling unit. 
• A landlord must return all security deposits and required interest, if any, minus unpaid rent and expenses for damages, within 45 days from the date the tenant vacates the unit.
• In the event of a fire, a landlord must return all security deposits and required interest, if any, minus unpaid rent and expenses for damages, within seven days from the date that the tenant provides notice of termination of the rental agreement.
• In the event of a sale or any other disposition of residential real property by a landlord, the successor landlord is liable to the tenant for any security deposit or prepaid rent paid to the original landlord. The successor landlord must notify the tenant, in writing, within 14 days from the disposition that the deposit or prepaid rent was transferred to the successor landlord. The original landlord remains liable for the deposit or prepaid rent until the original landlord transfers the deposit or prepaid rent to the successor landlord and provides proper notice of such transfer to the tenant.
• Subject to correcting a deficient amount of interest paid to a tenant on a security deposit if a landlord fails to comply with specified security deposit requirements, the tenant shall be awarded damages in an amount equal to two times the security deposit plus interest.  

At www.bradfordmillerlaw.com  you will also find information about our firm and valuable information for landlords. Bradford Miller Law, P.C. can help you with any landlord issues you may have. For practical counsel at a very reasonable rate in this complex area of law, please call 312-238-9298 for a free 15-minute consultation.

Posted by Bradford Miller Law, P.C.
Practicing in Real Estate Law, Landlord Tenant Law, and Estate Planning
134 N. LaSalle, Suite 1040
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com

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