How do security deposits work for roommate situations?
Most properties in Colorado and Nevada will need a security deposit to "secure" the property. This is also to pay for damages beyond "normal wear and tear." If the tenant fufills the lease terms and has paid all rent, the tenant is entitled to a full return of the security deposit. Make sure to leave the landlord a forwarding address.
Colorado law requires that the landlord return the security deposit or send an itemized statement of the deductions and the balance of the deposit, if any, to the tenant after 30 days after termination of the tenancy. Check your lease though, this time period can be extended to 60 days if written in the lease.
Boulder leasees: The City of Boulder has interest rates on security deposits and you should check with the City of Boulder to see what the rate is when you sign the lease.
Division of Security Deposit in ROOMMATE situations in Boulder, Denver, Colorado Springs, Ft. Collins, Las Vegas, and Reno
The landlord may divide the security deposit return equally among the tenants or may send the entire return amount to one tenant. It is helpful if the tenants agree in advance how the security deposit or its remaining balance is to be disbursed. A signed agreement to this effect should be presented to the landlord. Samples of Roommate Agreements are available through the Community Mediation Service in your area.
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