A North Carolina Subordination Agreement (Deed of Trust to Storage Agreement) is a legal document that alters the priority of liens or claims on a property in the state of North Carolina. It is specifically used when a property owner wishes to place a lien on their property for storage purposes while still maintaining the priority of existing mortgage or deed of trust obligations. In North Carolina, there are different types of Subordination Agreements based on the parties involved and the purpose of the agreement. Here are a few variations: 1. Deed of Trust Subordination Agreement: This type of agreement is commonly used when a property owner wants to secure a loan/mortgage by placing a deed of trust on their property. If the property owner later wishes to place a storage lien on the same property, a subordination agreement will be required to determine the priority of these two liens. 2. Mortgage Subordination Agreement: If a property owner has an existing mortgage and wants to create a lien for storage purposes, a mortgage subordination agreement will be necessary. This agreement outlines the priority of the mortgage lien and the storage lien. 3. Priority Agreement: In certain cases, a priority agreement may be used when there are multiple liens or claims on a property, including a mortgage, deed of trust, and storage lien. This agreement establishes the priority and order in which these claims will be satisfied in case of foreclosure or sale. 4. Storage Agreement Subordination: This type of subordination agreement focuses specifically on subordinating a storage lien to an existing mortgage or deed of trust. It ensures that the storage lien remains in a subordinate position, which means it will not take priority over the mortgage or deed of trust. When drafting a North Carolina Subordination Agreement, it is crucial to include relevant keywords such as "lien," "priorities," "subordination," "storage agreement," "deed of trust," "mortgage," and "property." These keywords help search engines and legal professionals locate and understand the document's purpose, making it easier to access and reference in the future.
North Carolina Subordination Agreement (Deed of Trust to Storage Agreement)
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Subordination is the process whereby one party is allowed to have a higher priority in potentially competing claims. Thus, the title insurance company and/or bank want to be ahead of any other potential claimant who has provided labor and/or materials. Claims of Lien in North Carolina - Vann Attorneys, PLLC vannattorneys.com ? claims-lien-north-carolina vannattorneys.com ? claims-lien-north-carolina
In trusts and estates law, a purchase money resulting trust is used in domestic partnership when the domestic property is purchased by both partners, but the title is only in the name of one partner.
The PMDT is a deed of trust which secures money used to purchase the property. The beneficiary is often the seller of the property, but can be a third party lender. The significance of the PMDT is that it can give the deed of trust priority over preexisting judgments and liens against the purchaser. PURCHASE MONEY D.O.T. - Chicago Title North Carolina ctt.com ? bulletins ? pmdt_print ctt.com ? bulletins ? pmdt_print
A North Carolina deed of trust is a real estate transfer instrument between a lender, borrower, and a trustee whereby a property title is transferred as collateral for a loan to purchase real estate. The title is maintained by the trustee until the borrower (property owner) returns the entire loan amount to the lender.
A "Short Form Deed of Trust" is a document that is used to secure a promissory note by using real estate as collateral. When filing a Deed of Trust, it places a lien against the property.
A legal document that creates a trust, giving a person or organization the right to manage money or property for someone else, and says how this should be done: The trust deed stated clearly what they were entitled to do with the property.
A North Carolina deed of trust is a real estate transfer instrument between a lender, borrower, and a trustee whereby a property title is transferred as collateral for a loan to purchase real estate. The title is maintained by the trustee until the borrower (property owner) returns the entire loan amount to the lender. Free North Carolina Deed of Trust Form | PDF | Word - eSign esign.com ? deeds ? deed-of-trust esign.com ? deeds ? deed-of-trust
