Verbal agreement & evictions

[Martin Madelaire]

Hello BP.

delicate situation as we bought a multifamily unit. We live in 1 unit and will rent the others.

The issue at hand is that one tenant has/had a verbal contract with the previous landlord (they are family). 

Is it correct that with verbal contracts that a 30 day notice is sufficient?

We intend to give them the option of moving out or new contract (increased rent to match the market). I just want to make sure that we provide the tenants with adequate notice..

PS. We are located in Chicago, Illinois - if that makes a difference..