Music. Applause. Music. Hi, this is Jim Shots with PMI Elevation Property Management Inc. 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 vacates a unit. There are several triggering events that could happen, and we will show you those here. About when a tenant is triggered and 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 says you have 60 days, then you are able to get 60 days on that lease. If you are drafting your leases, make sure that clause is 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 tenant's funds, and so you are returning that to them minus any expenses and deductions. So, what's the best practice for refunding a security deposit? A good security deposit refund defense starts at the beginning of the lease when you are moving a tenant 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. 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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