Free Illinois Lease Guaranty Agreement
A co-signer/guarantor agreement where a third party guarantees the tenant's lease obligations including rent, damages, and fees. Compliant with 765 ILCS 705 et seq..
What's Included in Your Lease Guaranty Agreement
9 key sections — state-compliant for Illinois
What's Included in Your Lease Guaranty Agreement
9 key sections — state-compliant for Illinois
Free Illinois Lease Guaranty Agreement Template
Need a co-signer for a tenant in Illinois? Our free lease guaranty agreement creates a binding contract where a guarantor accepts financial responsibility for the tenant's lease obligations.
When Landlords Require a Guarantor
- Insufficient credit history — Students, recent graduates, new professionals
- Low income-to-rent ratio — Tenant doesn't meet income screening thresholds
- No rental history — First-time renters
- Self-employed tenants — Irregular income documentation
What the Guarantor Is Responsible For
Under this Illinois-compliant guaranty:
- Monthly rent — Full amount if tenant defaults
- Damages — Beyond normal wear and tear
- Late fees — Per Illinois regulations ($20 or 20% of rent, whichever is greater (Chicago))
- Legal costs — If eviction becomes necessary
Frequently Asked Questions: Illinois Lease Guaranty Agreement
What is a lease guarantor in Illinois?
A lease guarantor (co-signer) is a third party who legally agrees to cover the tenant's financial obligations if the tenant defaults. In Illinois, the guarantor is jointly liable under the lease terms.
Can a landlord sue a guarantor in Illinois?
Yes. Under a guaranty agreement in Illinois, the landlord can pursue the guarantor for unpaid rent, damages, and fees — often without first suing the tenant.
How long does a lease guaranty last?
Typically for the entire lease term plus any renewals. Our template specifies that the guaranty ends after all tenant obligations are fulfilled and the security deposit is properly returned per Illinois law.
Is this guaranty agreement template free?
Yes, 100% free. Generate your Illinois lease guaranty agreement and download a PDF instantly. No account needed.