In a Colorado residential lease agreement, a landlord and tenant agree to the terms, or rules, that the tenant must abide by during the time they use landlord’s property. Such terms may include, the amount of rent, the length of time the tenant can live in the landlord’s property (the “term of possession”), the amount of the security deposit, property maintenance responsibilities of the tenant and/or landlord, and any other rules that describe the rights and responsibilities of both the landlord and the tenant.
What are some common lease terms and problem areas? It cannot be emphasized enough that both the landlord and the tenant should completely read and understand all terms of the lease – and both parties should understand their rights and their responsibilities— before signing the lease. A lease signed by both landlord and tenant is binding upon both landlord and tenant. The tenant does not have a “three-day right of rescission” after signing a lease.
The residential lease agreement (Colorado) must include, at a minimum, the following terms:
- The amount of rent– when rent is due—where it it to be paid
- Grace periods and penalties, if any, for late payment of rent
- How long the lease is in effect (the “term of possession”)
- Who is responsible for utility payments
- Who is responsible for minor and major repairs to the rental property, especially to appliances, plumbing, heating and cooling
- Circumstances under which the landlord may enter the unit–regualr inspections and for emergencies—and how notice will be given to the tenant setting out the time and day
- Who will be responsible for snow removal, garbage collection, lawn care, etc.
- How, or if a tenant can sublet and/or assign the lease during the lease term
- An explanation of security deposit rules including, for example, how soon the security deposit will be returned at the end of the lease term
- Whether an initial and final walk-through with the tenant will be conducted by the landlord
- Any specific use prohibitions, such as keeping pets, smoking, or the cultivation of medicinal marijuana.
If you enjoyed this blog, check out these other blogs.