Yesterday, I passed my real estate exam on the first try! I want to thank you for all your amazing videos. I watched them faithfully as I felt I needed more in depth explanations than what the Real Estate Express online classes provided. Thank you so much!
HEY congratulations!!! That's an awesome accomplishment. Thank you for letting us know and I wish you the very best of luck with your new career. If you would, please share this channel with someone if they are studying for their exam :o) ... thank you again... you will CRUSH it in the real estate biz... :o)
Congratulations, Vince! The California exam is no joke... you obviously prepared well which required a ton of time and hord work! Kudo's! Now come the hard part... getting things rolling. The 1st year is rough but don't give up! Once the momentum get rolling you'll start making the money. Best of luck in your new adventure and I am thankful you let us know about your success!
@@TheRealEstateClassroom right on man thank you for the encouragement !! Yessir I ain’t stopping now I came to far to give up no matter how tough it is !!
mortgagor vs mortgagee is weird but you could say the mortgagee (lender) receives monthly payment from the mortgagor (borrower) who gives the monthly payment
When I tell you this is groundbreaking. First I think the first situation is what most people think is a Sublease. I have actually had that situation happen in real life. Which is funny cause with established Apartments its illegal to Sublet your apartment in GA. But what I was doing we call Roommate swapping is actually an Assignment not a sublease. Thank you so much or these videos.
Hello sir, I wanted to ask that if a lessee assigns his interest to an assignee, would the assignee be in position to terminate or amend the original lease (which was assigned to him by the assignor/lessee) with the landlord (the original lessor)?
Great question. Because there is a rental agreement between the sublessor (the original tenant) and the sublessee (subtenant) technically the sublessor would file for the eviction. HOWEVER, if the sublessor fails to pay the lessor the rent, the lessor will need to evict both the sublessor and the sublessee... wow, right :o)
Can a landlord during either process decide to up the rent to new tenant? If I’m assigning a new lease to someone else, but landlord wants to raise it $500 is that legal?
Not in most state. The new owner is always obligated to adhere to the terms of the lease until it expires. If the lease is say a month-to-month lease then with proper notice the rent could be raised
Great explanation. I love this guy. However your heading would be backwards with the order you have explained the difference between the two. Subleasing is listed first in the title, but you explained assignment first, and assignment is listed last, and he explained subleasing first. Not a biggie or being pickey, just wanted the audience so there is no confusion by looking at the title or heading first. Great job to the teacher on dissecting the difference between the two, assignment, and sub-leasing.
I am subleasing a commercial place currently. The business I bought is failing so l'm going to have to close my doors. Well I be responsible for the rent still or will it go back to the previous owner? Or will I still be on the hook to pay the rent?
It really depends on what written into the lease agreement. Most likely, yes you will be responsible but to what extent, if any, should be detailed into the lease
Transferring your legal interest in a contract to someone else. For example, lets say Warren Buffet wants to buy your house that has a fair market value of $100,000. If you knew Warren wanted your house, you would probably want $1,000,000. So Warren has his friend Bob Smith enter into a purchase contract with you to buy the house. Once the contract has been signed, Bob assignes (transfers the interest) to Warren who MUST abide by all the terms of the contract.
More study materials at TheRealEstateClassroom.com
Yesterday, I passed my real estate exam on the first try! I want to thank you for all your amazing videos. I watched them faithfully as I felt I needed more in depth explanations than what the Real Estate Express online classes provided. Thank you so much!
HEY congratulations!!! That's an awesome accomplishment. Thank you for letting us know and I wish you the very best of luck with your new career. If you would, please share this channel with someone if they are studying for their exam :o) ... thank you again... you will CRUSH it in the real estate biz... :o)
This was rite on time!!!
Awesome! Glad it was timely 😁
Hey man I just wanted to thank you for the videos you’re a great teacher. I studied my ass off and passed my California real estate exam. Thanks bruh
Congratulations, Vince! The California exam is no joke... you obviously prepared well which required a ton of time and hord work! Kudo's! Now come the hard part... getting things rolling. The 1st year is rough but don't give up! Once the momentum get rolling you'll start making the money. Best of luck in your new adventure and I am thankful you let us know about your success!
@@TheRealEstateClassroom right on man thank you for the encouragement !! Yessir I ain’t stopping now I came to far to give up no matter how tough it is !!
@@vincelopez8844 Love the no quit attitude! The first year is the hardest... but once the ball starts rolling its unstoppable!
Thank you for making this make sense. ❤
Youre welcome
The OR gives & the EE receives...a brilliant teacher taught me that
That is true
mortgagor vs mortgagee is weird but you could say the mortgagee (lender) receives monthly payment from the mortgagor (borrower) who gives the monthly payment
When I tell you this is groundbreaking. First I think the first situation is what most people think is a Sublease. I have actually had that situation happen in real life. Which is funny cause with established Apartments its illegal to Sublet your apartment in GA. But what I was doing we call Roommate swapping is actually an Assignment not a sublease. Thank you so much or these videos.
In some state subleasing is illegal but people always find a way around it :o) lol
ALWAYS have a provision in your lease contract that does not allow subletting or assignment with the expressed written consent of the landlord.
Absolutely!
That's the truth... college kids are known for this very thing.
Why is that so? please explain
@@SumitSharma-bn1wp Because they can assign or sublease to anyone and you have no say so in it.
Very helpful thanks for your efforts 😊
Thank you! :o)
You made it easy Sir👏
Thank you!
Thank You Sir!!!
Most welcome! :o)
Hello sir, I wanted to ask that if a lessee assigns his interest to an assignee, would the assignee be in position to terminate or amend the original lease (which was assigned to him by the assignor/lessee) with the landlord (the original lessor)?
No...
Question: so regarding the subleasing. If the subtenant doesn't pay the rent what happens? who evicts the subtenant?
Great question. Because there is a rental agreement between the sublessor (the original tenant) and the sublessee (subtenant) technically the sublessor would file for the eviction. HOWEVER, if the sublessor fails to pay the lessor the rent, the lessor will need to evict both the sublessor and the sublessee... wow, right :o)
Can a landlord during either process decide to up the rent to new tenant? If I’m assigning a new lease to someone else, but landlord wants to raise it $500 is that legal?
Not in most state. The new owner is always obligated to adhere to the terms of the lease until it expires. If the lease is say a month-to-month lease then with proper notice the rent could be raised
Great explanation. I love this guy. However your heading would be backwards with the order you have explained the difference between the two. Subleasing is listed first in the title, but you explained assignment first, and assignment is listed last, and he explained subleasing first. Not a biggie or being pickey, just wanted the audience so there is no confusion by looking at the title or heading first. Great job to the teacher on dissecting the difference between the two, assignment, and sub-leasing.
Right on Stevie... I'll take a look at that... Gracias
I am subleasing a commercial place
currently. The business I bought is
failing so l'm going to have to close
my doors. Well I be responsible for
the rent still or will it go back to the
previous owner? Or will I still be on the
hook to pay the rent?
It really depends on what written into the lease agreement. Most likely, yes you will be responsible but to what extent, if any, should be detailed into the lease
What’s the point of assignment?
Transferring your legal interest in a contract to someone else. For example, lets say Warren Buffet wants to buy your house that has a fair market value of $100,000. If you knew Warren wanted your house, you would probably want $1,000,000. So Warren has his friend Bob Smith enter into a purchase contract with you to buy the house. Once the contract has been signed, Bob assignes (transfers the interest) to Warren who MUST abide by all the terms of the contract.
nice
Wow