North Carolina Subordination of Lien is a legal process that allows a property owner to establish a hierarchy of liens on their property. Specifically, the Subordination of Lien (Deed of Trust/Mortgage to Right of Way) in North Carolina refers to the act of placing a lien or mortgage on a property subject to an existing right of way. A right of way is a legal right granted to specific individuals, businesses, or entities to pass through or use someone else's land for a specific purpose, such as accessing a neighboring property, public road, or utility infrastructure. When a lien or mortgage is subordinate to a right of way, it implies that the right of way has a higher priority in terms of receiving compensation or accessing the property compared to the lien or mortgage. There are different types of North Carolina Subordination of Lien (Deed of Trust/Mortgage to Right of Way) that vary based on the nature of the right of way and the parties involved. These may include: 1. Residential Subordination of Lien: This type of subordination may occur when a property owner seeks to establish an additional mortgage or lien on their property while there is an existing right of way documented. It ensures that the right of way retains priority in case of foreclosure or other property-related legal actions. 2. Commercial Subordination of Lien: In the commercial real estate context, subordination of lien may be necessary if a business owner intends to secure a mortgage or lien on their property that is already encumbered by a right of way. This protects the rights and interests of the party with the right of way should any legal disputes or financial issues arise. 3. Public Subordination of Lien: In some cases, a public entity or government agency may require the subordination of a lien or mortgage to a public right of way. This ensures that in the event of public infrastructure projects or utility access needs, the rights of the public body are protected and have priority over private liens or mortgages. It is essential to consult with a qualified real estate attorney to draft and execute a North Carolina Subordination of Lien (Deed of Trust/Mortgage to Right of Way) properly. This legal process involves specific documentation, including an agreement between the parties involved, which outlines the subordination terms, lien priorities, and any necessary waivers or consents. In summary, North Carolina Subordination of Lien (Deed of Trust/Mortgage to Right of Way) provides a mechanism for property owners to establish a hierarchy of liens that protect the rights of parties holding a right of way. Understanding the different types of subordination and consulting with a legal professional will help ensure a smooth and legally compliant process when dealing with property encumbered by a right of way.
North Carolina Subordination of Lien (Deed of Trust/Mortgage to Right of Way)
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FAQ
In North Carolina, a contractor or subcontractor has 120-days from the last date of furnishing of labor or materials to file and serve a claim of lien on the real property.
Any person who performs or furnishes labor or professional design or surveying services or furnishes materials or furnishes rental equipment pursuant to a contract, either express or implied, with the owner of real property for the making of an improvement thereon shall, upon complying with the provisions of this ...
A: The filing fee for an Appointment of Lien Agent is $30 for a 1-2 Family Dwelling and $58 for any Other property type. Q: Which lien agent should I appoint to my project? A: Any of the authorized Lien Agents can be appointed to your project.
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.
In North Carolina, a lien claimant has 120 days from the date of last furnishing to complete these 3 steps: Fill out a mechanics lien form that meets NC requirements. ... File the lien with the county recorder's office. ... Serve a copy of the lien on the property owner.
The majority of the time a deed of trust is used in a real estate transaction in North Carolina, it will be a purchase money mortgage, or a mortgage issued to the borrower by the seller of the home as part of the purchase transaction, unlike a traditional mortgage which is obtained through a bank.
North Carolina Lien Agents In North Carolina, a lien agent is a title insurance company or agency that must be notified prior to filing a mechanic's lien. General Statute 44A-11.1 requires a lien agent to be appointed by an owner on projects that are valued at $30,000 or more.
When you get a mortgage loan, the lender will likely include a subordination clause essentially stating that their lien will take precedence over any other liens placed on the house. A subordination clause serves to protect the lender if a homeowner defaults.
