Colorado Subordination Agreement Regarding Fixtures
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How to fill out Subordination Agreement Regarding Fixtures?
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FAQ
A fixture, as a legal concept, means any physical property that is permanently attached (fixed) to real property (usually land). Property not affixed to real property is considered chattel property. Fixtures are treated as a part of real property, particularly in the case of a security interest.
If the property can be removed without material damage but is actually attached, it is to be classified as a fixture unless there is an intent, as manifested by outward appearance or historic usage, that the item is to be moved and used at other locations.
A subordination agreement adjusts the priority of mortgages. It moves a refinance loan up to the front of the line. A "subordination agreement" is a contract to prioritize one debt over another for repayment. The agreement establishes that one party's claim is superior to another party's interest.
?M? stands for ?method of attachment.? When determining if an item is a fixture, look at how it's attached to the home. Things that are screwed, glued or otherwise permanently affixed to the property are fixtures.
In Colorado and many other states, the default rule is that only ?fixtures? stay with the house; other items go with the seller. As noted, this is only the default rule. Parties, can negotiate an agreement wherein the buyer agrees that the seller will take a fixture with him or her when he or she goes.
A real estate fixture is any object permanently attached to a property by way of bolts, screws, nails, glue, cement or other means. Items like chandeliers, ceiling fans and window treatments are generally seen as fixtures and will stay with the house in a real estate transaction.
A subordination agreement prioritizes 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.
The creditor usually will require the debtor to sign a subordination agreement which ensures they get paid before other creditors, ensuring they are not taking on high risks.