This office lease clause states that the amount of the security deposit shall be reduced from 4 months' Base Rent to 3 months' Base Rent provided that certain lease conditions are met by the lessee.
Colorado Clause Providing for the Reduction of the Tenant Security Deposit
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US-OL4A012B
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How to fill out Clause Providing For The Reduction Of The Tenant Security Deposit?
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FAQ
When do I get my deposit back? The landlord has thirty days, unless your lease allows more time (not more than 60 days) to return the deposit or give you an exact and specific list of deductions. You must receive your deposit or an itemized list within that time.
Security deposits from the tenant in residential dwelling units shall be deposited in a trust account with a licensed and federally insured depository institution or a trust institution authorized to do business in this State, or the landlord may, at the landlord's option, furnish a bond from an insurance company ...
Many states limit the amount of security deposit a landlord can ask from a tenant. In the state of Colorado, however, there is no limit.
No, there is no limit. As a landlord, you are free to charge whatever amount of security deposit you wish. This isn't to mean, however, that you should overcharge your Colorado tenants, as that can prove to be counterproductive. As a general rule of thumb, charge no more than 2X the rent amount as a security deposit.
Signed into law on June 6, 2023, and effective this August, this bill restricts landlords (with some exceptions) from considering or inquiring about certain information relating to a prospective tenant's amount of income and credit history. It also places a cap on security deposits.
Tenant rights state that they may exercise their right to habitable housing whenever they consider it appropriate; this includes asking for utilities in good condition, getting repairs in a reasonable amount of time, and collecting their security deposit once they leave the premises.
The landlord is allowed to adjust the security deposit amount when rent has not been paid or intentional damage has been made to the property. The landlord should refund the balance to the tenant when the property is being vacated.
