Can a landlord evict a commercial tenant in Illinois?

1. Evicting a Commercial Tenant in Illinois 2. Suggested Steps to Follow When Evicting a Tenant in Illinois Evicting a commercial tenant in Illinois is often the last resort for a landlord when dealing with a tenant that has violated a term of the commercial lease.

What happens when a building is sold to a new owner?

The new owner must tell the tenants in writing that they are the new landlord within 10 days of the purchase. Both the new and old landlords are responsible for the tenant ‘s security deposit. If a tenant moves out of the unit, the new landlord cannot claim they do not have to pay the deposit.

What happens if I default on a commercial lease?

The two primary options are subletting or assigning the lease. In both cases, you find another tenant to pay some or all of the lease. When subletting, you continue paying your lease to your landlord, but you lease the space to a new tenant, who pays you. Most leases will only allow this with the landlord’s permission.

Do you pay property taxes on a commercial lease?

It’s common in business transactions to spell out all those costs; in residential leases they’re usually all rolled into the rent. I assume you do not have a tenant broker representing you?

How much interest is owed to a tenant in Illinois?

1 Interest is owed to the tenant if the security deposit is held for 6+ months of if the landlord owns 25 or more units in one complex or building. 2 The interest rate must be equal to the interest paid by the largest commercial bank in Illinois. 3 The deposit must be held in a bank in Illinois.

1. Evicting a Commercial Tenant in Illinois 2. Suggested Steps to Follow When Evicting a Tenant in Illinois Evicting a commercial tenant in Illinois is often the last resort for a landlord when dealing with a tenant that has violated a term of the commercial lease.

Can a commercial landlord be liable for constructive eviction?

The commercial landlord could be liable for constructive eviction if they cut off utility services to the premises. If a tenant has been constructively evicted, the tenant has no obligation to pay rent if the tenant abandons the property.

The new owner must tell the tenants in writing that they are the new landlord within 10 days of the purchase. Both the new and old landlords are responsible for the tenant ‘s security deposit. If a tenant moves out of the unit, the new landlord cannot claim they do not have to pay the deposit.