Drafting a lease for a rental property seems like a simple and easy task at first glance – after all, there are plenty of standard lease templates on the internet – but the reality is that a lease is an enforceable contract and, like any good contract, should be drafted to fit the specific situation. It is incredibly important to have clear and undeniable language to protect your interests and help ensure that future lawsuits and litigation are avoided or, if unavoidable, puts you in the most strategic position.

I found a good template on the internet for a lease, why shouldn’t I use that?

While basic templates cover many of the bases for a good lease, those templates are not drafted to fit the particular situation of your property, your needs, or the tenant. More importantly, many lease templates are not drafted or updated to be in compliance with current state laws and local ordinances. It is recommended you speak with a real estate attorney to ensure that your residential lease is following all the applicable regulations.

What other things should I be aware of as a landlord?

The State of Colorado has a number of laws that govern leases and provide limits on potential lease terms. For instance, a new law sets limits on late rent fees and violations by the landlord. This can actually result in the landlord having to pay fees to the tenant. Other, seemingly minor, oversights in contract drafting, could result in a landlord being required to return the entire security deposit to the tenant even if the tenant caused serious damage to the property.

What are some of the state and local requirements for residential leases?

There are a number of additional requirements that landlords and tenants should both be aware of when entering a lease contract. For instance, Colorado law provides duties for both tenants and landlords for health and safety requirements including the maintenance and upkeep of carbon monoxide and smoke detectors and alarms, emergency access to the property, bed bugs, mold, and other potential issues. It is extremely important to know your duties as a landlord and what duties you can legally assign your tenant. Your lease should reflect these duties accurately for the jurisdiction your property is in. A lease is supposed to protect landlords opening their homes and properties to tenants, not open them to liability in court. 

Conclusion:

Leases are enforceable contracts which provide the terms to protect the landlord’s property interests while ensuring tenants’ use of that property. Every property, every landlord, and every tenant has different needs to consider when drafting a lease contract. Colorado has very specific laws with protections and requirements for both landlords and tenants. When drafting and signing a lease, it is important for all parties to ensure that the lease contract being signed is in compliance with all the state and local requirements. If not, it is very easy for a landlord to include lease terms which could open them up to litigation and liability.

If you need help drafting a lease, want to consult about a lease you might sign, or are simply just interested in renting your property, fill out an interest form to see if GLO can help you.

GLO has prepared this blog to provide general information on legal issues that may be of interest. This blog does not provide legal advice for any specific situation and this does not create an attorney-client relationship between any reader and GLO or its attorneys. GLO engages clients only through specific fee arrangements and signed engagement letters. GLO does not guarantee any results.