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Non-Disturbance keeps your lease safe from disruptions caused by new owners, while Subordination places that lease below the mortgage, which can affect what happens if the property is foreclosed.
These agreements can provide security for tenants. They make sure that your rights are respected even if ownership changes, helping you to keep your home.
Yes, having these agreements is smart. They protect both tenants and landlords, ensuring everyone knows what to expect if things change down the road.
Subordination involves a tenant agreeing that their leasehold interest is secondary to a lender's mortgage. This means if the property is foreclosed, the lender's rights come first, but the tenant still gets to stay.
An Estoppel Certificate verifies that the terms of the rental agreement are true and that the tenant confirms their current relationship with the landlord. It's like a thumbs-up that helps avoid disputes.
Attornment is when a tenant agrees to recognize a new owner of the property. It's important because it helps to keep rental agreements in place smoothly, even if the property changes hands.
Disturbance Agreement is a promise from the landlord to tenants that even if the property is sold or the ownership changes, the tenants can continue living there without disturbance.