Property Management
In Chicago, the Security Deposit Return Ordinance requires landlords to provide tenants with an itemized list of damages and retain supporting documentation within how many days of the tenant vacating?
A14 days
B21 days
C30 days✓ Correct
D45 days
Explanation
Under the Chicago RLTO, within 30 days of the tenant vacating, the landlord must either return the full deposit or provide a written itemized statement of the damages claimed and the cost of repair, along with receipts or estimates. Failure to comply can result in liability for twice the deposit amount.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
State-Specific Concepts
Continuing Education
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