Legal Question in Landlord & Tenant Law in Illinois
My girlfriend and I are in the process of renting an apartment in Chicago. The agent wants us to sign the lease and pay the security deposit (one month's rent) immediately. However, the property owner won't be able to sign the lease for another week. I offered to sign the lease, but I'm hesitant to hand over the security deposit until the owner has also signed the lease.
1. The agent says that the lease is not binding until money exchanges hands. Is that true?
2. If I sign the lease and pay the security deposit and the owner backs out before he signs, do I have any legal recourse to reclaim my money?
3. Am I right to be cautious or am I making a big deal out of nothing?
Thank you.
1 Answer from Attorneys
It is not unusual for the tenant to be required to post the security deposit when the tenant signs the lease and turns it in for the landlord to accept. In fact if you went through an application process that included a credit check then you probably wouldn't have been offered the lease if the landlord wasn't prepared to accept you as a tenant subject to your signing off on it and depositing the funds. But you should have no hesitation asking for a receipt for the funds and make sure the lease itself recites that you put the money up. You're in Chicago so you are covered for interest by the Chicago Residential Landlord & Tenant Ordinance.
You could ask the agent to hold your check until the landlord signs the lease but if you'd be moving in before that happens the agent may be obligated to have the money in hand.
Bottom line it's your money and you have the right to be businesslike and expect the agent (and landlord) to act likewise. So getting the receipt, and possibly having the check held til the lease is signed, is not unreasonable. Good luck.
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