Legal Question in Real Estate Law in Illinois

Legal problems to renting out a second home?

Will there be legal concerns if I rent out our second home? (It's next door, it's 1 story & will be our retirement home in future). Currently we use that garage and the basement for storage. When relatives visit from out of town (no spare bedroom here)-- they stay there.

Are there any special issues I should consider if I rent to individuals. I'm considering contacting organizations that may have people coming in during festivals and can't find a hotel or schools for instructors who need a place to stay while searching for a house. I'm looking at covering costs during this period before I actually need to live there full time.

Please advise or point me in the right direction. Thank you.


Asked on 11/19/08, 12:30 pm

2 Answers from Attorneys
Charles Dobra Charles Wm. Dobra, Ltd.

Re: Legal problems to renting out a second home?

1. Written short term lease is advisable.

2. Get as large a security deposit as you can.

GOOD LUCK!

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Answered on 11/19/08, 12:42 pm
Motty Stone Law Offices of Motty Stone

Re: Legal problems to renting out a second home?

Also make sure to talk to your accountant to figure out how to handle any money that comes from your tenants when tax season comes around.

A good written lease is very important and it would not hurt you to talk with an attorney about putting one together. There are also several websites that have decent documents, though they will not be personalized for your needs.

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Answered on 11/19/08, 1:09 pm


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