Are you a landlord looking to make the most of your investment in Denver, CO? Becoming a licensed landlord is an important step that can ensure your investments are protected. Let’s look at why getting a landlord license in Denver, CO, is so important and how you can go about getting one.
The Benefits of Becoming a Licensed Landlord
The benefits of becoming a licensed landlord are numerous. To start with, it’s an easy way to protect yourself from any potential lawsuits. If a tenant feels they have been wronged or their rights have been violated, they may try to sue you as the property owner.
Having a valid license will help protect against this and provide some peace of mind for both you and your tenants. It also helps establish trust with potential renters, as having the proper licensing is proof you are invested in the local laws and regulations surrounding landlords and tenants.
On top of that, having a valid license can also help prove that you are knowledgeable about all things related to being a landlord in Denver. This includes regulations for taxes, legal implications for renting out the property, insurance requirements for rental properties, etc.
Knowing these details can be invaluable when it comes time to manage your property and interact with tenants on more complicated issues such as repairs or rent payments.
How to Get Your Landlord License
Getting your landlord license in Denver CO, is relatively straightforward but there are certain steps that need to be taken before it can be issued. You will first need to obtain an occupational privilege tax certificate (OPTC) which requires filing paperwork with the City and County of Denver Revenue Division within thirty days of renting out the property or receiving rental income from it.
This certificate needs to be displayed at each rental unit or place of business owned by the renter/landlord. You will then need to fill out an application form available on the City and County website along with submitting other required documents such as proof of identity and proof of ownership/right-to-rent documents for each location where rentals exist (lease agreements).
Once all requirements have been met, you will be issued your license which must be renewed annually thereafter.
