Colorado specific lease

6 Replies

I am about to purchase my first rental. Those that are local know how hot the market is here. There are few properties that go for less than $1000 per month! The buy in is high, but the rewards seem to be worth it... I'll see.

My agent found me a lease that others in his office have used, but seems pretty generic to me. Are there and Colorado specific laws that need to be included in a lease?

Should I use addendums as needed or add them to the original lease?

This, twenty billion other questions to come!

Eddie

I use this in my leases:

20. USE OF MARIJUANA NOTICE: The State of Colorado's Amendment 64 legalizes the cultivation and possession and use of marijuana by persons 21 years of age or older. Despite Amendment 64, the federal Controlled Substances Act remains in effect in the State of Colorado. This Act categorizes marijuana as an illegal Schedule 1 substance, the possession, distribution or manufacture of which is a criminal federal offense. Any and all use, cultivation or possession of marijuana on the Premises, INCLUDING USE OF MEDICINAL MARIJUANA, is strictly forbidden and shall constitute a default of this Lease. This policy applies to the Tenant or Tenants and all visitors, guests, employees or any other person on the Premises. This is compliant with the United States Department of Housing and Urban Development's findings that federal and state non-discrimination laws does not require the Landlord to accommodate requests to use, possess or cultivate medical marijuana from current or prospective tenants with disabilities. 

Someone else had a similar question before. Here is the lease I use in Colorado. Hope it helps.

Thanks for the suggestions. Like the addendum also for legal and illegal marijuana

@Eddie Memphis there are two parts to a good lease. There is the part that makes it comply with all the state laws and requirements of the local entity (think Boulder). Then there are the all the management issues you want to have addressed. There is of course some overlap as you don't want your management clauses to violate local law. 

Many local attorney's that specialize in landlord/tenant law have their own boiler plate lease. You should start there and add as necessary. THSlawfirm.com offers one to their clients. The rest of the management type clauses really vary with the clients that you serve. What is a great clause for a blue collar tenant would not work so good for section 8. A small book can be written about lease clauses. I know a seasoned landlord (not in this state) that has a 27 page lease. 

At the same time a very detailed lease without knowledge of how to use it can actually get you in trouble because you don't follow it. 

I think it's best to start with a legal lease and then and management components as you learn the business and see what works for you and what your style is.

Originally posted by @Bryan O. :

Someone else had a similar question before. Here is the lease I use in Colorado. Hope it helps.

 Thanks, Bryan!

That seems to cover most things. What about waterbeds? Do people still have those? I think I will add a line since I am looking to buy a condo. And certainly add a pot clause. Don't need a greenhouse in my rental.

Eddie

I haven't seen a waterbed in years! Of course, the next time I see one it will probably have flooded my unit  ;)  If you get a clause for anti-greenhousing post it up; I'll probably add it to my lease as well.

EDIT:

@Linda Weygant Oh hi Linda! I didn't see you already have a clause. I'll have to add that into my lease.

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