Property Management
A Virginia property manager who discovers the owner has died mid-lease should:
AImmediately terminate all leases
BContinue management under the terms of the management agreement until properly terminated by the estate✓ Correct
CTransfer all funds to the estate immediately
DStop all operations until a court order is received
Explanation
When a property owner dies, the management agreement is not automatically terminated. The property manager should continue operations, notify the estate's personal representative, and await instructions.
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Key Terms to Know
Purchase Agreement
A legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Right of First RefusalA contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
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