In Colorado, most residential leases and/or rental agreements require a security deposit, which is a specific dollar amount intended to cover potential damage to the leased/rented property beyond normal wear and tear and to ease the financial damage if a tenant skips out on the lease early without paying. A security deposit is generally in an amount equalling one month’s rent.
If you are having security deposit issues in Colorado, you can utilize the virtual services of the Law Office of Kim M. Dubois PLLC.
How Much Can Landlords Charge For a Security Deposit?
In Colorado, there’s no legal limit on security deposits, but there may be caps contained within your city and/or county laws. However, there are steps you can take to help protect your security deposit, such as making a checklist of preexisting damage and/or taking video of the entire premises prior to moving in.
Furthermore, non-refundable security deposits are not allowed in Colorado. The deposit is the property of the tenant and is held by the landlord as security only. However, there is no requirement for the landlord to hold the deposit in any particular type of account, or pay any interest.
How Can a Landlord Justify Keeping a Security Deposit?
In Colorado, a landlord may keep a tenant’s security de[posit after they move out of the premises for:
- Unpaid Utility Bills.
- Unpaid Repair Bills.
- Unpaid Cleaning Bills.
- Unpaid Rent.
- Damage in Excess of Normal Wear and Tear.
- Abandonment of the Premises.
How Long May a Landlord Keep a Security Deposit?
- One Month: Generally, a landlord has one month from the end of the rental term to return a tenant’s security deposit.
- 60 Days: A landlord may have up to 60 days to return a tenant’s security deposit if this time is specified as a provision in the lease agreement.
- 72 Hours: If there is a hazardous condition that involves gas at the premises, the landlord has 72 hours from receiving a written notice of the gas hazard to have it professionally repaired. If the landlord does not do so, the tenant is allowed to voluntarily leave and the lease agreement becomes null and void. In this case, the landlord has 72 hours from the time the tenant moves out to return the tenant’s security deposit or the portion of the deposit owed to the tenant.
Contact the Law Office of Kim M. Dubois PLLC Today For Help with Security Deposit Issues
Security deposits represent a substantial amount of money, particularly in relatively expensive states like Colorado. If you are dealing with a security deposit dispute, utilize the virtual services offered by the Law Office of Kim M. Dubois PLLC, which are convenient, affordable, and easy to understand.
As a virtual firm, the Law Office of Kim M. Dubois PLLC offers flexible hours and free consultations. We always return phone calls and email messages on the same day they were left.
Contact us to learn more and schedule your free consultation.