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.
A South Carolina Subordination Agreement of Deed of Trust is a legal document that establishes the priority and hierarchy of multiple liens and encumbrances on a property. This agreement is most commonly used in real estate transactions when a property owner seeks additional financing or refinancing options. In the state of South Carolina, there are two main types of Subordination Agreement of Deed of Trust: 1. First Lien Subordination Agreement: This agreement is entered into when the property owner wants to obtain additional financing or refinancing, but there is already an existing first mortgage or deed of trust on the property. By signing this agreement, the first lien holder agrees to subordinate their lien to the new lender, allowing the new lender to hold a higher priority position in case of foreclosure or other legal proceedings. Keywords: South Carolina, Subordination Agreement of Deed of Trust, first lien, additional financing, refinancing, first mortgage, higher priority, foreclosure, legal proceedings. 2. Junior Lien Subordination Agreement: This type of agreement is executed when there are multiple liens on a property, and the property owner wants to establish the priority order among the various junior liens. By signing this agreement, the junior lien holders voluntarily subordinate their liens, giving priority to another specific lien. This document is commonly used in scenarios where the property owner is looking to sell the property or obtain refinancing, but the existence of multiple liens can hinder the transaction. Keywords: South Carolina, Subordination Agreement of Deed of Trust, junior lien, priority order, junior lien holders, sell property, refinancing, multiple liens, hinder transaction. In both types of Subordination Agreement of Deed of Trust, it is crucial for all parties involved to fully understand their rights and obligations, as well as the potential implications of subordinating their lien. The agreement should clearly outline the terms and conditions, including any necessary consent from other lien holders and the process for releasing the subordination in the future, if applicable. Keywords: South Carolina, Subordination Agreement of Deed of Trust, rights, obligations, implications, lien holders, terms, conditions, consent, releasing subordination.
