Maine Subordination Agreement — Lien: A Detailed Description A subordination agreement is a legal document commonly used in real estate transactions in Maine to prioritize the order in which liens are paid off. Liens are legal claims or rights against a property that serve as a form of security for a debt. When multiple liens exist on a property, a subordination agreement establishes the priority of these liens, determining which creditors will be paid first in the event of a foreclosure or property sale. In Maine, there are several types of subordination agreements related to liens, including: 1. Mortgage Subordination Agreement: This type of subordination agreement is used when there are multiple mortgages on a property. It establishes the order in which the mortgages will be paid off, with the senior (higher-ranking) mortgage being repaid first and the junior (lower-ranking) mortgage(s) being repaid thereafter. 2. Construction Subordination Agreement: This agreement is commonly used in construction projects where a contractor or subcontractor has placed a lien on a property for unpaid work. It allows the construction lien to be subordinated to another lien (such as a mortgage), ensuring that the higher-priority lien is satisfied first. 3. Intercreditor Subordination Agreement: This type of subordination agreement is used when there are multiple creditors involved in a loan or financing arrangement. It outlines the priority of each creditor's claim, ensuring that they are repaid in the specified order. 4. Tax Lien Subordination Agreement: When a property has a tax lien filed against it by a governmental entity, a subordination agreement can be utilized to prioritize the tax lien's position in relation to other liens. It is important to note that the terms of a Maine subordination agreement must adhere to state laws and regulations. Parties involved should consult with legal professionals specializing in real estate transactions to ensure compliance and proper execution of these agreements.
Maine Subordination Agreement - Lien
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