This rental form is for real estate to which the Chicago Residential Landlord and Tenant Ordinance applies. However, the Chicago Realtors Association recommends carefully reviewing the rules and having a lawyer. A condo, abbreviated condominium, is a unit of ownership among other similar entities that share the rights to the common parts of the property. Most of the skyscrapers you see in cities are condos. Each owner inside the condominium pays an „association tax“ used for the maintenance of the property and the salaries of the people employed by the association (bouncers, cleaning agents, etc.). Sign a lease – Once you have approved your tenant, you must receive the rental terms in writing using a Condo lease form. You can enter in the form the conditions of the rental contract, the amount of the rental, the deposit, parking, incidentals, pets, etc. All parties must sign and date the agreement for it to be valid. The condo contains more or less a language similar to that of a standard rental agreement. However, it has a clause that refrains from the various statutes that govern the rental of such establishments. It is therefore important that you pay close attention to this specific provision.
Here are some of the conditions set by the contract: Lease renewal contract This lease was established on , 20 between (hereinafter the lessor) and (hereinafter the tenant) for the property in the contract, which confirms that the parties agree to renew the lease. Check with your homeowner community – A homeowners` community is not only responsible for the day-to-day operation of the property, but also sets out the rules that condominium owners must follow if leasing is allowed. To go further, some associations even ask for an interview with the tenant for approval. The tenant may need to be registered with the association/administrative office if they need security cards or fingerprints to access public spaces. A condo is a small apartment that is treated as a full-fledged entity and is therefore for sale alone.