Utah Subordination of Vendor's Lien Retained by Granter in Warranty Deed is a legal document that allows property owners in Utah to retain a lien on the property they are selling. This lien, also known as a vendor's lien, gives the granter the right to recoup any unpaid balance from the purchase price, ensuring they are still protected even after the property has been transferred. In Utah, there are two main types of Subordination of Vendor's Lien Retained by Granter in Warranty Deed: 1. Absolute Subordination: This type of subordination means that the vendor's lien is completely subordinate to any other liens or encumbrances on the property. This could include mortgages, deeds of trusts, or any other types of loans secured by the property. In the event of a foreclosure or sale, the vendor's lien would be satisfied only after all other liens have been paid off. 2. Partial Subordination: A partial subordination agreement allows the vendor's lien to have a priority over certain specified liens or encumbrances, such as a second mortgage or personal loan. The granter and buyer agree on which specific liens will be subordinate to the vendor's lien, providing the granter with a higher priority to recoup any unpaid amounts. Keywords: Utah, Subordination of Vendor's Lien, Retained by Granter, Warranty Deed, legal document, property owners, vendor's lien, purchase price, protected, transferred, Absolute Subordination, liens, encumbrances, mortgages, deeds of trusts, loans, foreclosure, sale, Partial Subordination, priority, second mortgage, personal loan.
Utah Subordination of Vendor's Lien Retained by Grantor in Warranty Deed
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