Under the Chicago Residential Landlord Tenant Ordinance, there are three important things to remember when it comes to security deposits.
1. Security deposits earn interest. Every 12 months, a tenant should be paid interest on their security deposit. If this is not done, the penalty is two times the amount of the security deposit plus interest.
2. The security deposit must be in a separate account. The landlord's money and the tenant's money should never be in the same account. If one check was written for both the rent and the security deposit, that rule was likely broken. The penalty is two times the amount of the security deposit plus interest.
3. A proper receipt must be given for the security deposit. See section 5-12-080(b) of the RLTO for all of the details. The entire RLTO is available on my website, http://www.bradfordmillerlaw.com/.
If no receipt is given or if an improper receipt is given, the penalty is two times the amount of the security deposit plus interest.
If you are having trouble with any of the above mentioned items or if you are involved in a landlord tenant dispute, contact Bradford Miller Law, P.C. immediately at 312-238-9298.
Please note this is intended to give general information to the public. Although the information is generally accurate, it cannot be guaranteed and this information should not be construed as legal advice upon which a reader can rely. In all cases, please consult a lawyer before acting. This is intended to be advertising, and not solicitation, or legal advice.
Showing posts with label Chicago Security Deposits. Show all posts
Showing posts with label Chicago Security Deposits. Show all posts
Sunday, June 13, 2010
Saturday, February 27, 2010
Security Deposit Receipt
Posted by Bradford Miller Law, P.C. - experienced in real estate law, landlord tenant law and estate planning. Visit us online at http://www.bradfordmillerlaw.com/.
Landlord Tenant law in the City of Chicago is unique because of the Chicago Residential Landlord Tenant Ordinance ("RLTO"). Did you know that under the RLTO, a landlord needs to give the tenant a receipt for their security deposit when they receive it, and the receipt must indicate the amount of such security deposit, the name of the person receiving it and, in the case of the agent, the name of the landlord for whom such security deposit is received, the date on which it is received, and a description of the dwelling unit. The person receiving the security deposit also must sign the receipt. Failure to comply with this subsection shall entitle the tenant to immediate return of security deposit plus damages of two times the amount of the security deposit plus interest!
This is only one of the numerous rules landlords must abide by in the City of Chicago. If you are involved in a landlord-tenant dispute in the City of Chicago, call our office right away. Bradford Miller Law, P.C. is experienced in Chicago landlord tenant law and can help you resolve the situation. We can be reached at 312-238-9298.
Please note this is intended to give general information to the public. Although the information is generally accurate, it cannot be guaranteed and this information should not be construed as legal advice upon which a reader can rely. In all cases, please consult a lawyer before acting. This is intended to be advertising, and not solicitation, or legal advice.
Landlord Tenant law in the City of Chicago is unique because of the Chicago Residential Landlord Tenant Ordinance ("RLTO"). Did you know that under the RLTO, a landlord needs to give the tenant a receipt for their security deposit when they receive it, and the receipt must indicate the amount of such security deposit, the name of the person receiving it and, in the case of the agent, the name of the landlord for whom such security deposit is received, the date on which it is received, and a description of the dwelling unit. The person receiving the security deposit also must sign the receipt. Failure to comply with this subsection shall entitle the tenant to immediate return of security deposit plus damages of two times the amount of the security deposit plus interest!
This is only one of the numerous rules landlords must abide by in the City of Chicago. If you are involved in a landlord-tenant dispute in the City of Chicago, call our office right away. Bradford Miller Law, P.C. is experienced in Chicago landlord tenant law and can help you resolve the situation. We can be reached at 312-238-9298.
Please note this is intended to give general information to the public. Although the information is generally accurate, it cannot be guaranteed and this information should not be construed as legal advice upon which a reader can rely. In all cases, please consult a lawyer before acting. This is intended to be advertising, and not solicitation, or legal advice.
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