- Introduction
- Acknowledgements
- 1: Getting Ready
- 2: The Costs of Space
- 3: Understanding Credit
- 4: Professional Services
- 5: Finding Space
- 6: Residential Leases
- 7: Commercial and Industrial Leases
- 8: Buying Real Estate
- 9: Types of Mortgages
- 10: The Mortgage Application
- 11: Ownership Models
- 12: Purchasing Alternatives
- 13: Chicago Zoning Ordinance
- 14: Chicago Building Code
- 15: Chicago's Neighborhoods
- 16: Property Taxes
- 17: When You Find a Property
- 18: Inspections
- 19: After Moving In
- 20: Insurance
- 21: Utilities
- 22: Rehabbing Your Space
- 23: Safe and Healthy Spaces
- 24: Green Practice
- 25: When Disputes Arise
- 26: Space Emergencies
- 27: Facility Development Planning
- Bibliography
Alternative Lease Arrangements
Month-to-Month
A month-to-month tenancy may occur when no written lease agreement exists between the tenant and the landlord; when a lease has expired without a written agreement extending the term; or when the lease specifically provides for a month-to-month term. The tenant may legally occupy the premises for the month in which rent has been paid. This arrangement continues until either the landlord gives the tenant notice that s/he must vacate the premises, or until the tenant gives the landlord notice of their election to end the tenancy. In either case, a 30-day notice must be given.
Sublease
To sublease a space from another party, you MUST get a copy of the original lease, which will detail the terms of the tenancy. As mentioned earlier in this section, in a sublease arrangement you pay the original tenant, who then pays the landlord.
For your protection, negotiate and sign a written sublease between you and the original tenant. As with any other lease, the sublease should clearly state the length of your tenancy, amount of rent and expenses you must pay, and the remedies available in the event of a breach by either party.
Most leases include a clause that gives the landlord the right to approve any subtenants. Therefore, when subleasing space, eliminate potential problems with the primary landlord by getting a letter or other written document from the landlord approving your sublease of the space.
This might seem unnecessary if you are renting from a friend or colleague, but it protects both your interests should a problem arise with the lease or the landlord. A sublease does not release the original tenant from his or her obligations under the original lease, nor does it provide you extensive protection should issues between the original tenant and the landlord lead to an eviction or lease termination.
Assignment
An assignment takes place when an existing landlord or tenant assigns their lease to another party. If you are the assignee, you assume full responsibility of the original tenant’s interest in the lease and thereby agree to all the terms and conditions.
Read the lease carefully before agreeing to an assignment, as usually you cannot renegotiate its terms and conditions. Be aware that an assignment of a lease must be approved in writing by all parties involved: you, the original tenant and the landlord. From the effective date of the assignment, you will be legally and financially liable for all obligations outlined in the lease.


