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Video instructions and help with filling out and completing Colorado security deposit law
Music Applause Music hi this is Jim shots with PMI elevation property management Inc and today we're going to talk about security deposits and how to handle them in Colorado in Colorado security deposits are due within 30 days after a tenant vacate a unit there's several triggering events that could happen will show you those here about when a tenant is triggered in what starts at 30 days Colorado law says 30 days unless your lease says up to 60 so if you write in a clause that's saying you have 60 days then you're able to get 60 days on that lease so if you are drafting your leases as well make sure that clauses in there to give you a little bit more time most tenants are fine with that and we typically refund before that but it's nice to have that buffer if we need it so what are you going to need to include with your security deposit refund check you're going to need to include a written statement of withholdings what you've held back from the security deposit refund remember the security deposit isn't your funds it's the tenants funds and so you are returning that to them - any expenses and deductions so what's the best practice for refunding a security deposit good security deposit refund defense starts at the beginning of the lease when you are moving attendant into the property it's best that you take hundreds of photos at PMI elevation we take over 300 photos minimum likely more of the property before a tenant moves in we also use an online application which we forward to the tenant for them to document any damage so essentially if the damage wasn't documented upfront it wasn't there so we have photos we have a written report that we do and we have the tenant application which they will mark down any type of damage was there when they moved in so we take all of that beginning documentation when the tenant moves in or before they move in ideally and then compare that to the property condition when they move out we also know in our leases that cleaning of the property is not normal wear and tear so therefore if they leave it dirty when it was clean when they moved in that's something we could have as damages and withhold when we hire cleaners to clean out the unit where you can get yourself into some trouble is if you try to withhold more money for damages that really worked the tenants damages or they were normal wear and tear normal wear and tear are just things that happen if normal living you're gonna get scuffs on the floor but you're not going to get deep gouges so there's differences you're gonna have maybe some marking on the carpet but you're not going to have big stains so those kind of things you differentiate between the two a word.