Colorado has very clearly defined rules and regulations when it comes to the kind of relationship a landlord and their tenant must have. These laws cover everything from the type of lease that can be drawn, to the responsibilities of the landlord and the tenant. Landlords will find that knowing these laws can make it very easy for them to lease out their property without worrying about any special financial or legal complications.
1. The security guidelines for the state of Colorado are well laid out. A landlord is allowed to collect a security deposit from his or her tenant. This security deposit ensures that if a tenant does not pay rent on time, or violate any clause of the lease, then proper remunerations can be collected with minimum hassle. There is no special statute surrounding separate bank accounts for security deposit or the kind of additional fee that a landlord can collect. The deposit must be paid back in full once the tenant vacates the rented property, unless there were any damages in the property, for which deductions need to be made. The deadline for this refund is usually 30 days, but can be extended to a maximum of 60 days based on prior agreement.
2. Landlord is allowed to recover court and attorney fee from the tenant in case of a legal dispute, as long as there was provision for such an action in the lease agreement.
3. The tenant can withhold rent if the property is uninhabitable under special circumstances. Landlord must always ensure that the property is in proper liveable condition and offers basic services like power, lighting, heat and running water.
4. In case you need to terminate a lease earlier than the previously agreed upon date, there is a certain period before which you must inform the tenant. For a standard 1 year lease, or a lease of less than that duration, a notice period of 28 days is required. Take care that this limit applies to leases that are for more than 6 months but less than one year. For any lease that is exactly one year, or more, you must give a notice to vacate premises at least 91 days prior. 1 week notice is required for a lease greater than one month but less than 6 months.
5. In the scenario that the tenant is unable to pay the rent on time, you must provide them with a notice of non-payment. After the notice has been given to the tenant, they have 3 days to provide you the full sum of the rent, or you reserve the right to evict them.
6. There are no specific statutes that allow or restrict the entry of the landlord into the property while it is on lease. Emergency situations are always an exception to any entry laws. Landlords cannot lock out the tenant from the property for any reason, and the tenant is allowed to press charges in such an event. The same goes for shutdown of utilities.