With each change of the calendar year come the requirement that all Chicago landlords subject to the Chicago Residential Landlord Tenant Ordinance ("CRLTO") update the lease form that they are using. This year, there are two important changes to consider and implement.
First, each January, CRLTO requires that the landlord change the interest rate disclosure that is made to tenants. For 2012, the interest rate is set at .057%. The CRLTO requires that Chicago landlords subject to the ordinance disclose the rate for the current year and the prior two years. Failure to disclose the appropriate rate at the time a lease is presented can subject the landlord to significant consequences - such as damages of two times the deposit, return of the deposit and attorney's fees. iMove Chicago uses the latest lease form in all transactions it processes. Additionally, we have posted the necessary forms under the "Buy Forms" at the iMove Blog site.
Second, the CRLTO was amended in 2011 and adds a new requirement that landlords re-key locks after each tenant's occupancy or provide the tenant with a written authorization permitting them to re-key their own locks. We previously wrote about this new law in the iMove Blog and advised our landlords to be prepared to comply. Our standard lease form has been updated to reflect the changes to CRLTO.
At iMove Chicago, we believe it is important to keep our landlord clients updated on the latest changes to the laws affecting their business. Check back here regularly for updates. If you would like to discuss any issues you are having or would just like us to review the lease you are using, simply contact our office.
We look forward to working with you in the new year.