Yes, in Illinois a contract to lease is legally binding once both landlord and tenant agree to the key terms (rent, property, and lease duration) and sign the agreement. Leases longer than one year must be in writing to be enforceable. After it is signed, both parties are required to follow the lease terms unless there is a valid termination clause or another legal reason to end it early.
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The information for this answer was found on our Illinois Residential Lease Agreement answers.