Leases – A lease may be written or oral. Oral leases are only permitted if the term is less than one year
Lease Term – A lease may have an unspecified term like a month to month, and must be ended by notice. A lease may also be for a specific amount of time, like one year, one month, etc.
Ending a lease – With regards to a fixed term lease, unless otherwise specified in the lease, the tenant shall move out when the rental agreement ends. 30 Days notice is required for month to month leases and 60 days notice is required for year to year leases. Weekly leases require a 7 Days notice. A landlord is not required to give any reason to terminate a lease.
Security Deposit – There are no statutory limitations placed on the maximum amount for a security deposit but there are several municipalities in Illinois that have comprehensive Landlord-Tenant Statutes. Landlords should contact an attorney or the city agency in which his or her rental building is located to determine municipal-specific statutory limitations.