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The
Illinois Security Deposit provides security for any damage to the premises or non-payment of
rent. The security deposit does not relieve the tenant of
the duty to pay the last month's rent. The deposit must be returned
to the tenant upon vacating the premises, if no damage has
been done beyond normal wear and tear and the rent is
fully paid.
If a landlord fails to
return the security deposit promptly, the tenant can sue
to recover that portion of the security deposit to which
the tenant is entitled.
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If a building contains 25
or more residential units, the landlord must also pay
interest on the deposit from the date it was paid, if held
more than 67 months. (Interest is calculated at the rate
paid by the largest bank in Illinois, as determined by
total assets, on a passbook security account.) Landlord
and tenant matters can become complex. Both landlord and
tenant should consult an attorney for assistance with
particular problems.
There is no restriction on the amount of the security deposit
for the rental of a commercial
property.
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The Return of the Deposit
- If a tenant damages
the property, the landlord can deduct the
cost of fixing it from the security deposit. But if the tenant
returns the rental in substantially the same condition in which
it was rented (less
reasonable wear and tear), the landlord must return
the deposit. A landlord can't make tenants pay for painting, new
carpets or curtains, unless there was serious damage. The
landlord is allowed to deduct the cost of cleaning if necessary
to put the unit back to the same level of cleanliness it was in
at the time the property was leased (less normal wear and
tear).
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TIME TO RETURN SECURITY DEPOSIT IN ILLINOIS
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A landlord leasing
residential real estate containing five or more units who
receives a security deposit may not withhold any part of
that deposit as compensation for property damage unless he
furnishes to the tenant, within thirty days of the date
the tenant vacates, a statement of damage allegedly caused
by the tenant and the estimated or actual cost of
repairing or replacing each item on that statement.
If no
such statement is furnished within 30 days, the landlord
must return the security deposit in full within 45 days of
the date the tenant vacated.
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Protecting
Your Deposit When Moving In
Get an itemized receipt for your deposit. This receipt
will identify each charge ( for example, pet deposit, last
month’s rent, cleaning fees, etc.).
Use
the RentLaw.com free Rent Receipts here.
When moving in, take careful inventory of the condition of the
place. Record any existing damage and check all appliances to
make sure they work properly. Ask the landlord to sign and date
the inventory and be sure to keep a copy (if they won’t sign,
send a copy to them and mail one to yourself—which you save
unopened). Pictures or videos of the existing condition of the
apartment can also be helpful later. Find
Illinois Lawyers
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