Regardless of how rewarding owning real estate is, there are challenges. Bad tenants, collecting rent and maintaining the property are issues that, at some point, will have to be navigated by the property owner. However, none of these issues are reasons to avoid reaping the benefits of investing in real estate.
Knowledge is power.
Knowing the basics goes a long way in protecting an investment in real estate. Being able to conduct a simple task like fixing a toilet or even a more complex task, like replacing a window, will save money if you’re handy. Having the number of a reliable fix-it guy will cost you, but the knowledge that the job is expertly completed can save your nerves from being shot. Repairing a window or knowing who to call in time of need is knowledge that improves life. Knowledge is especially important when it comes to the legal rights of the landlords and tenants.
Each state has its own set of legal parameters, and information is available through many means; however, it’s best to consult with an attorney before making any decisions. Talking to a lawyer will cost you a few dollars, but getting a legal matter wrong because the internet said it was so will cost more than just money.
Here are six common Landlord-Tenant laws that will expand your knowledge and give you power:
1. Landlords must follow the federal Fair Housing Act which has seven classes.The State of Colorado carries these additional four classes:
- Marital Status
- Sexual Orientation
2. Landlords are allowed to require a one-time security deposit
- Colorado landlord-tenant law does not restrict the amount that can be charged
- Does not have rules on how or where the deposit must be kept
- Allows for a deduction for:
- Unpaid rent
- Damage to the unit
- Unpaid utility, repair and cleaning bills.
3. Landlords can not retaliate for tenant complaints.
4. Right of Habitability
§ 38-12-503, 38-12-505, 38-12-507 and 38-12-508.
Colorado tenants have the right to file a complaint if the property is not up to standard.
If the owner fails to make the needed improvements, the tenant can terminate the rental agreement or take the issue to court
5. Domestic violence victims
§ 13-14-101(2), 18-6-800.3.38-12-103, 38-12-402 and 38-12-503
Colorado tenants. Have the right to terminate their lease agreement after domestic violence or abuse. They must provide the proper written notice to the landlord as well as the proper documentation of the incident.
6. Tenants in Colorado must
- Pay rent on time
- Abide by the terms of the rental contract
- Keep the unit clean and sanitary condition
- Respect peace and quiet of other tenants
Being aware of the laws in your area won’t fix a broken toilet, but it just may keep you out of court.
We’re here to make the investment and rental process more pleasant and less expensive. Contact us at Blue Mountain Real Estate & Property Management today. We’d love to tell you more.