Property Management
What is 'habitability' and what does the implied warranty of habitability require of Illinois landlords?
AA requirement that all rental units be professionally decorated
BA warranty that landlords must maintain rental properties in a safe, livable condition fit for human habitation✓ Correct
CA requirement that all appliances be less than 5 years old
DA warranty that all plumbing meets current building code, regardless of when constructed
Explanation
The implied warranty of habitability requires Illinois landlords to maintain rental units in a condition fit for human habitation—providing functioning heating, plumbing, structural integrity, and freedom from serious health hazards. If a landlord breaches the warranty, Chicago RLTO and Illinois law provide tenants with remedies including rent withholding, repair and deduct (within limits), and lease termination.
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Key Terms to Know
Net Operating Income (NOI)
The annual income generated by an income-producing property after subtracting operating expenses, but before debt service.
Earnest MoneyA 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.
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