North Carolina Subordination Agreement (Deed of Trust)
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How to fill out Subordination Agreement (Deed Of Trust)?
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FAQ
The deed of trust is signed by the borrowing party and recorded with the register of deeds where the property is located. The legal description of the property is included and used as collateral. Unlike a mortgage, a deed of trust involves three parties instead of two: The borrower, aka the trustor.
Example of a Subordination Agreement A standard subordination agreement covers property owners that take a second mortgage against a property. One loan becomes the subordinated debt, and the other becomes (or remains) the senior debt. Senior debt has higher claim priority than junior debt.
For instance, usually a trust deed incorporating a subordination agreement will state that the lien of the trust deed will, on recordation, automatically be junior to the lien of another trust deed, or it will state that the new loan and deed of trust will, without any other or further instrument of subordination, ...
A subordination clause is a clause in an agreement that states that the current claim on any debts will take priority over any other claims formed in other agreements made in the future.
Let's illustrate a subordinate clause in a sentence: 'I played out until it went dark. ' The phrase 'until it went dark' is the subordinate clause because it requires additional information in order to make sense.
This Lease and any Option granted hereby shall be subject and subordinate to any ground lease, mortgage, deed of trust, or other hypothecation or security device (collectively, ?Security Device?), now or hereafter placed upon the Premises, to any and all advances made on the security thereof, and to all renewals, ...
Focusing on this geographical region, the Deed of Trust is the preferred or required security instrument for real property in the following states: Maryland, North Carolina, Tennessee, Virginia and West Virginia. Mortgages are used in Kentucky, Ohio and Pennsylvania.
A subordination agreement must be signed and acknowledged by a notary and recorded in the official records of the county to be enforceable.
