Colorado Law For Security Deposit Holding?
What does the law state in Colorado for holding a security deposit? Do you need to keep in a separate account intended for this purpose? Draw interest? Or can you keep the deposit where ever you would like?
In Colorado you can put the money in any were you like as long as you have the funds at the end of the lease to refund what remains after repairs and clean up.With in the time stated on the lease mine is a 60 days from move out. You can always reach he at **Please See My Profile** Good luck
Dannie
I used to always do a 12 mo. lease, then roll to a mo/mo. Now I do 12 mo. leases and let tenants decide if they want to pay more for a mo/mo lease. I do not want winter vacancies.
I have broken my rule and taken short term leases a few times. I always charge more, tho, and the tenant is more cooperative since they know I am working with their needs.
Tenants tend to stay longer w/ leases and you keep more control of not having vacancies in the wrong time of the year.
Let me clarify what I do now; it has been working well. Tenants know they can stay there and they know what the terms will be 1 year before.
In the original lease for 12 months I have a section about notices where I state: If tenant requests by ___ a new 12 mo. lease for ____ will be available to them. If not, this lease rolls to a mo/mo term at _____ . At all times a 45 day notice to vacate is required.
I make the mo/mo rate at least 5% higher. My tenants know I work with them if they work w/me. So, they do not feel stuck. They feel like they are my partners, give me early notice, show the home, post signs to move early before lease is up. I do it often.
Oh, yes, if you want to get rid of a tenant usually that is because they have broken the lease anyway.
Are the neighbors complaining?
Are the police showing up?
MC
If you have co-tenants -- both are named on the lease -- then both are jointly and severally liable for the actions of their guests. Send your tenants a notice concerning their lease violations and a timeline to remedy. If not remedied by the deadline, then start eviction proceedsings. If you evict, you have to evict both.
Pit bull may be an excluded dog breed on your hazard insurance policy. That is, if the pit bull causes injury or damage, your insurance policy may not cover you.
I agree with rglover, you are better off without these tenants because of the "baggage" they bring with them.
If leases are up for renewal, maybe you should just give your tenants notice that you will not be renewing their lease.
John,
Take your pick. In my opinion, either answer is correct.
An eviction will get them kicked off the Section 8 program. This is your Ace of spades.
We have had to evict a tenant with similar issues.
Did she give you and her caseworker notice?
If not, do not back off -- it is a stall to buy time.