Owners that manage rental property should learn about the various “Landlord-Tenant” laws.  There are many laws that must be followed or the resulting legal action and penalties can be severe.

For example, security deposits must be handled properly when received, held and disbursed.  A final accounting is extremely important and failure to correctly account for the deposit can result in treble (3 times) damages and legal fees on top of that!  Also, late fees should be spelled out in the lease and notice given to tenants when they are due and the amount.

For property managers of public or subsidized housing or mobile homes, the laws are different than single-family or 1-4 unit dwellings.

The lease is one of the single most important documents that can protect owners, managers and tenants.  Care should be used when drafting the lease and legal help should be used.

Colorado passed the “Law of Habitability”.  This law provides for “basic living standards” that owners and property managers need to provide to tenants.  All property owners, managers and tenants should read this important law for “Rights & Responsibilities” that each party to the lease should know and understand.  Consult your favorite attorney for better understanding.