Full question:
My tenant has asked me to return his security deposit within 15days. Tenant vacated the rental premises 15 days back. The rental agreement does not have any specific time frame within which I should return the security deposit. In this case, within how many days should I return the security deposit to my tenant? I am a resident of Colorado.
- Category: Landlord Tenant
- Subcategory: Security Deposit
- Date:
- State: Colorado
Answer:
In Colorado, unless the lease agreement specifies a longer period of time (which does not to exceed sixty days) for the return of security deposit, the landlord is required to return full security deposit to the tenant within one month after the termination of a lease or surrender and acceptance of the premises, whichever occurs last.. The relevant statutory provision in this regard is stated below.C.R.S. 38-12-103 reads:
“(1) A landlord shall, within one month after the termination of a lease or surrender and acceptance of the premises, whichever occurs last, return to the tenant the full security deposit deposited with the landlord by the tenant, unless the lease agreement specifies a longer period of time, but not to exceed sixty days. No security deposit shall be retained to cover normal wear and tear. In the event that actual cause exists for retaining any portion of the security deposit, the landlord shall provide the tenant with a written statement listing the exact reasons for the retention of any portion of the security deposit.”
In the given instance, as the rental agreement does not specify any date, you may be required to return the security deposit within one month after the termination of the lease or surrender and acceptance of the rental premises (whichever occurred last).
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.
