Property Management
Under the Chicago RLTO, a landlord who fails to provide required disclosures (such as building ownership information and RLTO summary) may:
AHave no liability if the tenant was already aware of the information
BBe subject to financial penalties and the tenant may have the right to terminate the lease✓ Correct
COnly be required to provide the disclosures retroactively
DOnly face penalties if a formal complaint is filed with the city
Explanation
Under the Chicago RLTO, a landlord who fails to provide required disclosures may face financial penalties. In some cases, the tenant may have the right to terminate the lease. These disclosure requirements include providing the RLTO summary to tenants, disclosing ownership information, and providing lead paint disclosures where required.
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