This agreement allows one lien holder to subordinate its deed of trust to the lien of another lien holder. For valuable consideration, a particular deed of trust will at all times be prior and superior to the subordinate lien.
South Carolina Subordination Agreement of Deed of Trust
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Multi-State
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US-00185
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Word;
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How to fill out Subordination Agreement Of Deed Of Trust?
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FAQ
TL;DR: A subordination clause is a provision in a contract that prioritizes the repayment of liens on a title. Some lenders will use the subordination clause to ensure that they will have top priority when the borrower is making payments.
A Subordination Agreement is a legal document that establishes the priority of liens or claims against a specific asset. It is commonly used in the context of real estate transactions, but can also be applied to other types of assets.
The new lender prepares the subordination agreement in conjunction with the subordinating lienholder. Then the parties typically sign the agreement. But in some cases, just the subordinating lender will need to sign the paperwork.
A Subordination Agreement focuses on creditor priorities and security claims, providing legal certainty to creditors when assessing repayment risk. If a credit event (or default) occurs, a subordination agreement provides a senior lender superior repayment rights than the subordinated lender.
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.
The trustor. The borrower (trustor) benefits the most from a subordination clause since this makes it easier to obtain an additional loan on their property.
A South Carolina deed of trust designates a trustee as a property's legal owner until the original owner's (the ?borrower?) debt to a lender is paid. Property conveyed in a deed of trust is returned to the borrower once the loan made via a promissory note is settled.
Who Benefits from a Subordination Clause? A subordination clause is meant to protect the interests of the primary lender. A primary mortgage usually covers the cost of purchasing the home; however, if there is a secondary mortgage, the clause ensures that the primary lender retains the number one priority.