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.
Nevada Subordination Agreement of Deed of Trust: Explained and Types A Nevada Subordination Agreement of Deed of Trust is a legal document used in real estate transactions to alter the priority of multiple encumbrances on a property. This agreement allows the holder of a lower priority deed of trust to voluntarily agree to step down in priority to the holder of a higher priority deed of trust. By entering into this agreement, the parties involved can determine the order in which their interests will be satisfied in the event of foreclosure or sale of the property. Keywords: Nevada, Subordination Agreement, Deed of Trust, real estate transactions, priority, encumbrances, holder, voluntarily, higher priority, foreclosure, sale, property. There are different types of Nevada Subordination Agreement of Deed of Trust: 1. First Lien Subordination Agreement: This type of subordination agreement is utilized when the holder of a first lien deed of trust agrees to subordinate their interest to a second lien deed of trust. It typically occurs when the property owner wants to refinance their existing loan, but the new lender requires the first lien position. Keywords: first lien, second lien, subordination agreement, refinance, existing loan, lender, position. 2. Second Lien Subordination Agreement: In this type of subordination agreement, the holder of a second lien deed of trust voluntarily agrees to step down in priority to allow for a new third lien deed of trust. This is often utilized when a property owner wants to take out additional loans or lines of credit secured by the property. Keywords: second lien, third lien, subordination agreement, additional loans, lines of credit, secured. 3. Intercreditor Subordination Agreement: An intercreditor subordination agreement is employed when multiple lenders have differing interests in a property, and it is necessary to establish the priority between them. This type of agreement clearly defines the order in which each lender's claims will be satisfied. Keywords: intercreditor, subordination agreement, lenders, differing interests, priority, claims. It is important to note that the terms and conditions of a Nevada Subordination Agreement of Deed of Trust can vary depending on the specific agreements reached by the parties involved. It is always recommended consulting with a professional, such as a real estate attorney, to ensure the agreement properly reflects the parties' intentions and complies with Nevada laws and regulations.
