What Kinds of Provisions Should a Landlord Include in a Lease?

Landlords can protect themselves by including certain provisions within their leases.

In Colorado, lease agreements are important documents that outline the rights and responsibilities of both tenants and landlords. An agreement that is properly drafted can help ensure a smooth relationship between landlords and their tenants. Below are a few of the most important terms all landlords should include in their lease agreements.

Identification of All Parties Involved

All lease agreements should clearly identify the tenant, landlord, and any property manager. The agreement should include the full legal names of all parties, as well as their contact information and which party is responsible for certain tasks related to the property.

Description of the Property

A lease agreement should also always include a detailed description of the property. This should include the address and, if applicable, a unit number. The property description should also include any areas the tenant is allowed to use, such as a storage area or parking space. Including this provision can remove confusion about the terms of the rental.

The Term of the Lease

The term of the lease outlines the duration of the rental agreement. Fixed-term leases, such as one-year and month-to-month agreements, are most common. The lease should also include a provision for renewing or terminating the lease.

Rent Details

It is critical that the rent details in a lease agreement are very clear. These details should include:

• Amount of rent: It is important to include the amount of rent owed, as well as other fees, such as those for parking and utilities.
• Date due: A lease agreement should also outline the exact date that rent is due, such as the first of every month.
• Late fees: Any penalty for late payments should be included, as well as when they will apply.
• Preferred payment method: Landlords should include their preferred payment method, such as checks or electronic transfers.

Security Deposits

Many landlords require a security deposit before leasing to a tenant. Rental agreements should include these details as well, including the amount, how the security deposit can be used, and when it will be returned. Under the law in Colorado, security deposits must be returned within one month of the termination of the lease unless the landlord and tenant agree to different terms in writing. Still, even with an agreement in place, security deposits cannot be returned any later than 60 days after the termination of the lease.

Repairs and Maintenance

Landlords are often responsible for certain repairs and maintenance, while tenants are responsible for others. For example, it is not uncommon for landlords to be responsible for ensuring the property is habitable and complies with current safety and health codes. In fact, in Colorado, it is the duty of all landlords to ensure their premises are habitable for tenants. On the other hand, tenants also have a duty to ensure that they keep the property clean and that they notify the landlord as soon as possible when repairs are necessary.

It is important that all landlords and tenants review their lease agreements carefully before signing. This can provide protection for both parties throughout the duration of the lease.