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In order to rent or lease in many apartment buildings, a renter (also referred to as a “lessee") is often required to provide proof of renters insurance before signing the rental agreement. There is a special type of the homeowners insurance in the United States specifically for renters — HO-4 .
Follow on the heels of the TIF Sunshine Ordinance is the City Asset Lease Disclosure Ordinance, introduced by Alderman Flores on May 13, 2009. [5] The ordinance would publish and track documents pertaining to City asset lease agreements worth more than $10 million, such as the leasing of the Chicago Skyway, the Chicago Downtown Public Parking ...
Landlord–tenant law generally recognizes differences between residential and commercial leases on the assumption that residential leases present much more of a risk of unequal bargaining power than commercial leases. [8] Residential leases are contracts that are designed for individuals or groups to live, or reside, in the leased space. Most ...
On July 31, 2024 U.S. District Judge Marvin Aspen approved a jointly-proposed Amendment to the 2019 Settlement Agreement between the Chicago Housing Authority (CHA) and Impact for Equity (IFE) in the landmark 1966 Gautreaux v. Chicago Housing Authority federal lawsuit.
As may be the case with other contracts, real estate contracts may be formed by one party making an offer and another party accepting the offer. To be enforceable, the offers and acceptances must be in writing (Statute of Frauds, Common Law)and signed by the parties agreeing to the contract.
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In non-equity cooperatives, occupancy rights are sometimes granted subject to an occupancy agreement, which is similar to a lease. In equity cooperatives, occupancy rights are sometimes granted by way of the purchase agreements and legal instruments registered on the title. The corporation's articles of incorporation and bylaws as well as ...
The most common form of real property lease is a residential rental agreement between landlord and tenant. [7] As the relationship between the tenant and the landlord is called a tenancy, this term generally is also used for informal and shorter leases. The right to possession by the tenant is sometimes called a leasehold interest.
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