Updated April 14, 2023
An Illinois rent-to-own lease agreement is a document used for the renting of a property while giving the tenant an option to purchase. The landlord and tenant will agree to similar terms as a standard lease that will terminate at the end of the term (if a purchase does not occur). Before signing a lease, the landlord will commonly screen the tenant to verify their income.
Rental Application – Use to run a credit report and background check on an applying tenant.