Notice to Tenant of Assignment or Transfer of Lease Security Deposit
(Residential) (Chicago, IL)

Summary

This notice to tenant of assignment or transfer of lease template may be used by a residential landlord in Chicago, Illinois to notify a tenant that the landlord has sold the premises, assigned the lease, and transferred the security deposit to a new owner/buyer. This template includes practical guidance, drafting notes, and an optional clause. For a full listing of key content covering residential leasing agreements, see Residential Leasing Resource Kit. Residential real property landlords located in Chicago must comply with Chicago's Residential Landlord and Tenant Ordinance (RLTO) in addition to Illinois state and federal law. See Chicago, Illinois Code of Ordinances Sec. 5-12-010 et seq. The RLTO covers most residential rental properties in Chicago, with the exception of specific types of rental units described in Chicago, Illinois Code of Ordinances Sec. 5-12-020. The RLTO provides that the landlord remains jointly and severally liable with the buyer to the tenant for a security deposit or prepaid rent which the tenant paid, until the landlord transfers such deposit to the buyer and notifies the tenant of the transfer and the name, business address and business telephone number of the buyer. Such notice must be given within 10 days of the transfer of the security deposit. Chicago, Illinois Code of Ordinances Sec. 5-12-080 (e). In addition, the successor landlord is required to mail to the tenant a written notice within 14 days of the date ownership is transferred, stating that the security deposit (or prepaid rent) has been transferred from the prior owner to the successor landlord and that the successor landlord is holding it. Chicago, Illinois Code of Ordinances Sec. 5-12-080 (e). For a template, see Landlord's Notice of Security Deposit Transfer (Chicago, IL). For a full listing of key content covering residential leasing agreements, see Residential Leasing Resource Kit. For further guidance, see Chicago's Residential Landlord and Tenant Ordinance.