lease termination Discussion
This chapter overview is from the California real estate principles 16th edition by Walt Huber covering chapters 7, 8, and 9. Chapter 7 property management chapter I’ll talk about concepts of termination of lease, chapter 8 escrow and title insurance concept is about how escrow works and three ways to terminate an escrow. Chapter 9 Real estate finance key concepts on the security devices, financial instruments. These chapters had lots of useful information that would help us succeed on our real estate exam.
Chapter 7 concepts termination of lease has seven areas that it covers the first one being expiration of the term which is one of the more common reasons for termination. (Page 223)This is when the lease is expiring on the agreed term date for the rental agreement it’s given a 30 day written notice by either party either the renter or the tenant, unless a longer period is agreed upon. Another termination number five or E on page 227 is termination surrender or abandonment when a tenant voluntarily gives up a lease before the expiration of its term it is known as surrender. If a tenant moves out or vacates without formal notification it’s called abandonment.
Chapter 8 concepts on page 247 how escrow works it goes over the three ways to terminate escrow one complete escrow, two mutual agreement, and three court action “interpleader”. For a mutual agreement both parties mutually agree to change instructions, change can be put in the effect anytime. But if only one party wants to change an instruction and the other does not, a dispute arises the escrow company cannot proceed until both parties come to terms. If the parties are unable to come to terms that escrow company will bring in an interpleader action to help determine.
In chapter 9 my concepts are going to come from security devices on page 280 the financial instruments, one mortgages “very rare”, two trust deeds, and three land contracts “not as common“. Specifically land contracts as it goes over more on page 288 I found interesting. This is when the seller or owner keeps ownership of the property being sold and tell the buyer has paid in full. Land contracts also referred to by other names such as agreement of sale and contract of sale. And since the contract is between the seller and the buyer down payment and other conditions of the contract are negotiable.
I really learned and enjoyed all three chapters they provided a lot of useful information. I especially liked how in chapter 9 it mentioned how we use the word mortgage pretty interchangeably as California doesn’t do a lot of mortgages most sales are done as trust deeds or deeds of trust, mortgage is just definitely the word I think of when buying a home. I found the information in chapter 7 really relatable for anyone that has ever rented a lot of the information covered are things we learned just from renting being a long time renter. Overall a lot of good information, i’m feeling more and more confident for my real estate exam.
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