Are there any laws governing the assignment of a rental agreement?

In Illinois, there are several laws governing the assignment of a rental agreement. The Illinois Code of Civil Procedure 5/9-205 establishes the rights of a tenant to assign a rental agreement with the consent of their landlord. The section states that the tenant and landlord must both agree and each party must sign a written agreement detailing the terms of the assignment. The agreement must include the names of both the tenant and landlord, as well as the date of the rental agreement and any terms relating to the assignee’s use and occupancy of the premises. The Illinois Security Deposit Return Act also applies to the assignment of a rental agreement. This Act establishes many of the terms of the assignment, such as the amount of the security deposit, the interest rate, and the length of the rental agreement. The tenant and the landlord must also abide by the terms of the written rental agreement when assigning the agreement. Finally, the Rights of Tenants in Foreclosure Act applies to rental agreements that are assigned in a foreclosure situation. This Act provides additional protections for tenants in foreclosures, including the right to terminate the agreement upon 60 days written notice and the right to receive the security deposit from two separate accounts. Overall, there are several laws that govern the assignment of a rental agreement in the state of Illinois. These laws are designed to protect both the landlord and the tenant and help ensure that both parties receive the same rights and obligations as they would under a typical rental agreement.

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Are there any laws governing the assignment of a rental agreement?

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