A Washington Subordination Agreement, also known as a Deed of Trust, refers to a legal document that establishes the lien priority between multiple lenders or parties with a financial interest in a property. This agreement is commonly used in real estate transactions when there are multiple mortgages or loans against a property. In Washington state, there are several types of subordination agreements that have specific purposes and are widely recognized. These types include: 1. First Lien Subordination Agreement: This type of agreement is used when a property owner seeks additional financing or refinancing but already has an existing first mortgage. The first lien holder agrees to subordinate their interest in the property to the new lender, allowing them to become the primary lien holder. 2. Second Lien Subordination Agreement: In situations where there is an existing first mortgage and a property owner wishes to take out a second mortgage or additional loan, a second lien subordination agreement is put in place. This agreement allows the second lender to establish their lien while acknowledging the priority of the first mortgage. 3. Intercreditor/Subordination Agreement: This type of subordination agreement is used when there are multiple lenders with competing claims on a property, such as a primary lender and a mezzanine lender. The intercreditor agreement establishes the priority of each lender's interests and outlines the rights and responsibilities of all parties involved. 4. Partial Subordination Agreement: A partial subordination agreement is utilized when only a portion of a debt is subordinated to another debt. This type of agreement allows specific portions of the debt to maintain their priority over other debts or liens. It is essential to understand that Washington Subordination Agreements are legally binding documents that require proper execution and recording to ensure their enforceability. These agreements help establish the priority of lenders' rights, protect their interests, and provide clarity in the event of default or foreclosure.
Washington Subordination Agreement (Deed of Trust)
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How to fill out Washington Subordination Agreement (Deed Of Trust)?
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