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...
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Colorado security deposit law Form: What You Should Know
Many free sample security deposits include a description of the type of damage and how long it occurred. You may download sample form from free download section. We also encourage you to read Colorado Security Deposit Laws. In Colorado, security deposits are subject to the same law as rent unless otherwise specified. The landlord is required to give the tenants written notice of an overdue refund and a description of the problem. Any other deposit is null and void, whether a rent is due. Colorado Security Deposit Return Requirements: 1. It can be sent directly by mail or first class mail. 2. The security deposit must be received by the landlord within 30 days of the initial agreement. If any of your lease period is extended, then the 30 days will extend to 60 days. If the date falls on a weekend or holiday the deposit will be due on the next business day. 3. The security deposit must be returned within one month of the last day of your lease period. 4. If a tenant files a claim with the court about the deposit, the tenant's claim will be heard before the Colorado Court System. 5. The landlord is required to maintain proper records to identify the tenant. Colorado Landlord's Guide to Security Deposit Questions How will the court evaluate the lease agreement? If a tenant has failed to make necessary repairs during the lease term, then the lease can be terminated for non-payment of rent. Does a landlord have to offer the tenant a lease renewal agreement in order to rent the property? No. The landlord is not required to offer a lease renewal after a termination. The only things the tenant MUST agree to are the following: (1) a new lease or termination of the existing lease; (2) the tenant must pay all outstanding rent and fees; and (3) the tenant must receive the appropriate deposit. When rent or a security deposit is due, is the tenant responsible for it? Under Colorado law, a tenant is not responsible for all rent for which the landlord is responsible for providing. If the landlord fails to maintain the property, then that rental payment is the tenant's responsibility. If the landlord has a problem that caused the rent to increase beyond the tenant's agreed upon increase, then the tenant is responsible for the rent.
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