This package is for tenants and landlords in Illinois to avoid an eviction when a rent repayment plan is possible. An eviction is a costly and time consuming process without any guarantee that a landlord will recover unpaid rent and subject a tenant who may have missed just one month's payment to long-term credit difficulties.
Included are the following documents for a rent repayment plan in Illinois:
1. Three-page rent repayment plan
2. Cover letter for the tenant to send a landlord
3. Cover letter for the landlord to send the tenant
4. Detailed instructions to complete these documents
The seller of this package, Michael E. Byczek, is a licensed managing real estate broker and attorney in Illinois. He has been licensed as a broker since 2003 and an attorney since 2007.
COVID-19 imposed legal obligations on landlords to enter into good-faith negotiations with tenants to arrange a rent repayment plan. Some tenants who missed their rent did so without any fault of their own and would like an opportunity to avoid eviction through a rent repayment agreement. Landlords benefit from recovering lost rent without the need for an eviction.
The contract is based on a 12-month lease with at least one unpaid month (a 12 month chart is included). There are three repayment options: (1) downpayment of what the tenant can afford and pay the balance over an agreed upon number of months; (2) repay the entire balance in equal amounts; or (3) make minimum monthly payments with a lump sum due at the end of the lease. All payments are deferred for two months by default with an option to start repayment immediately.
Options allow whether to apply money held by the landlord in the form of security deposit and prepayment of rent towards the balance. It also allows the landlord to impose late fees, interest on the balance, or an early termination fee if the tenant vacates the property. A lease modification provision is included to reduce or defer future rent payments.
Disclaimer: This package is for tenants and landlords in Illinois to negotiate an unpaid rent repayment plan. Both tenants and landlords would benefit from these documents. Those outside Illinois may refer to the information for reference to write an agreement themselves that comply with their own local laws. The agreement was written for broad coverage that should apply to most scenarios.
The documents will be emailed via PDF to the email address listed in the receipt after the transaction is complete and payment received. If the receipt does not provide a valid email address, the purchaser may need to contact Michael E. Byczek since it is possible that all direct contact information might be blocked for privacy reasons by PayPal.
Legal services are not provided as part of this package, which is meant to guide buyers or sellers who represent themselves during a real estate transaction. Michael E. Byczek does not represent you and will not provide any legal advice or assistance. Legal services are available for an additional fee, which requires an attorney-client agreement.
You shall receive the PDF documents within 1-2 business days.
The documents are provided for personal non-commercial use.
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