A Subordination Agreement — Real Estate is a legal contract between two parties that establishes the priority of claims to a piece of property. This type of agreement is usually used when two entities have financial interests in a property, such as a lender and a borrower, and allows one party to have their financial claim take precedence over the other. There are two types of Subordination Agreement — Real Estate: voluntary and involuntary. Voluntary agreements are when both parties agree to subordinate their claims to the other, while involuntary agreements occur when one party has to subordinate their claim due to legal or contractual obligations. In both cases, the agreement is binding and legally enforceable.
Subordination Agreement Real Estate
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State:
Multi-State
Control #:
US-RE-S-1025-2
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Word;
Rich Text
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Description
A subordination agreement prioritizes collateralized debts, ranking one behind another for purposes of collecting repayment from a debtor in the event of foreclosure or bankruptcy. A second-in-line creditor collects only when and if the priority creditor has been fully paid. 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 Subordination Agreement — Real Estate is a legal contract between two parties that establishes the priority of claims to a piece of property. This type of agreement is usually used when two entities have financial interests in a property, such as a lender and a borrower, and allows one party to have their financial claim take precedence over the other. There are two types of Subordination Agreement — Real Estate: voluntary and involuntary. Voluntary agreements are when both parties agree to subordinate their claims to the other, while involuntary agreements occur when one party has to subordinate their claim due to legal or contractual obligations. In both cases, the agreement is binding and legally enforceable.
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