Why Does a Landlord Need a Lease?
As a landlord in Colorado, you have rights and responsibilities, and taking each of these seriously is the surest means of protecting your investment. A primary component of this is your lease, which should never be an afterthought or merely something that you throw together because it’s required by law. A well-considered lease package can provide you with considerable protections that can –in turn– help you reap greater financial rewards and avoid the pitfalls that too often plague landlords. If you rent property to others, an experienced Colorado real estate attorney can set you up with a lease package that affords you the peace of mind you’re looking for.
Your Lease Agreement
The lease agreement – or rental agreement – that you use as a landlord is a formal contract that creates a leasing agreement between you and your tenants in the State of Colorado. The lease you employ is an important legal tool that outlines your rights and responsibilities as well as those of your renters. Lease agreements are required for all tenants who rent for at least 12 months, but you’re advised to implement a lease regardless of how long the tenant will be renting your space.
The Information Included in Your Lease Agreement
The basic information that your lease document should address includes all the following:
- Your own contact information, as well as your tenant’s
- The address and description of the property you’re renting out
- The duration of the lease
- The amount of rent the tenants are required to pay and the due date
- Your responsibilities as the landlord and your tenant’s responsibilities as the renter
- Any miscellaneous clauses, such as in relation to pets or smoking
The more detailed and precise – within the parameters set by law – the lease you use is, the better protected your investment in your property will be. An excellent option is purchasing a lease package that’s carefully crafted by a focused real estate attorney with a wealth of experience successfully protecting the legal rights of landlords in the State of Colorado.
As the Landlord
Your basic responsibilities as a landlord in Colorado include the following:
- Providing all tenants with habitable units
- Ensuring that the utilities – including electrical, heating, plumbing, fixtures, and running water – are in good working condition prior to leasing
- Making all necessary repairs within a reasonable amount of time
In return, you have the right to collect rent from each tenant, to deduct any damages caused by tenants from their security deposits – as applicable – and to pursue legal relief if a tenant breaches the terms of their lease.
Having a Solid Lease in Place Is Important for Landlords in Colorado
Hoping for the best isn’t a great approach when it comes to your rental property. The surest means of locking in your rights in response to any renters who attempt to take advantage of the situation, who fail to live up to their responsibilities, or both is by having a carefully considered lease in place. At Ceglian Law in Colorado, we’ve been protecting the rights of landlords like you for more than a decade, and we’re here for you, too. Learn more by contacting us online or calling us at 720-900-4798 today.