The parties involved in an Illinois lease agreement include:
- The renter. The renter is also called the tenant or lessee. This is the person or entity who is renting the property from the landlord.
- The landlord. The landlord is also called the lessor. This is the person or entity that owns the property and who is providing it to the tenant.
When a tenant is not considered a qualified renter (perhaps because of low income or a low credit score), then there may be an additional party, called a guarantor, to the lease agreement.
The landlord may require a cosigner or guarantor who is better qualified and who agrees to share responsibility for complying with the lease terms. For example, if a tenant fails to pay rent, the landlord has a legal right to collect the unpaid funds from the cosigner. The cosigner is a party to the lease.