Different liens on the same property usually have priorities according to the time of their creation. To achieve the subordination of a prior lien, there must be an actual agreement to that effect.
This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
Description: A West Virginia Agreement to Subordinate Lien Between Lien holder and Lender Extending Credit to Owner of Property Subject to Lien is a legal document that outlines the terms and conditions under which a lien holder agrees to subordinate their lien to a lender extending credit to the owner of a property. This agreement is commonly used in situations where the property owner wants to obtain additional financing or refinancing, but there is already an existing lien on the property. By signing this agreement, the lien holder agrees to move their lien into a secondary position, allowing the lender extending credit to have priority over their lien. The West Virginia Agreement to Subordinate Lien serves as a protection for the lender, ensuring that in the event of default or foreclosure, they have the first rights to the proceeds from the sale of the property. By subordinating their lien, the lien holder acknowledges that the lender extending credit will be paid first, and they will receive payment only after the lender's debt is satisfied. Keywords: West Virginia, Agreement to Subordinate Lien, Lien holder, Lender, Extending Credit, Owner of Property, Subject to Lien, financing, refinancing, existing lien, secondary position, priority, foreclosure, default, proceeds, sale of property. Different types of West Virginia Agreements to Subordinate Lien Between Lien holder and Lender Extending Credit to Owner of Property Subject to Lien could include: 1. Residential Property Agreement to Subordinate Lien: This type of agreement is specifically designed for residential properties, where the owner wishes to obtain additional financing or refinancing. 2. Commercial Property Agreement to Subordinate Lien: Similar to the residential agreement, this type of agreement is intended for commercial properties, such as office buildings, retail spaces, or industrial properties. 3. Agricultural Property Agreement to Subordinate Lien: In cases where the property subject to the lien is agricultural land or a farm, this specialized agreement ensures the smooth subordination of the lien for the purpose of obtaining additional credit. 4. Investment Property Agreement to Subordinate Lien: This type of agreement is used when the property involved is an investment property, such as rental properties or properties intended for resale. 5. Vacant Land Agreement to Subordinate Lien: When the property is vacant land without any structures or improvements, this agreement is used to facilitate the subordination of the lien to enable the owner to obtain credit based on the property's potential value. These different types of agreements to subordinate lien ensure that specific requirements and considerations for each type of property are adequately addressed, providing clarity and legal protection to all parties involved.
