Washington Subordination of Vendor's Lien Retained by Grantor in Warranty Deed

• Category: Oil Gas and Minerals - Subordination
• State: Multi-State
• Control #: US-OG-138
• Format: Word; Rich Text

Description

If a person has purchased land, and the grantor in the deed reserves a vendors lien, that lien is superior to any subsequent grants by the owner of the land, including any oil and gas lease entered into at a later date. This form provides for the lien holder to subordinate a retained vendor's lien to an oi land gas lease on the lands that are the subject of the vendor's lien. Washington Subordination of Vendor's Lien Retained by Granter in Warranty Deed refers to a legal provision that allows the granter of a property to retain a vendor's lien for the unpaid purchase price of the property, but with a stipulation that the lien is subordinated to other liens or encumbrances on the property. This provision is commonly seen in real estate transactions in Washington State. A vendor's lien is a legal claim that the seller (vendor) holds over the property until the buyer completes the payment. It serves as a security interest to protect the seller's interest in the property. The Washington Subordination of Vendor's Lien Retained by Granter in Warranty Deed allows the granter (seller) to retain this lien, but subject to being subordinate to other liens. By subordinating the vendor's lien, the granter allows other liens or encumbrances, such as mortgages or deeds of trust, to take priority over the unpaid purchase price. This means that if the property is foreclosed upon or sold, the proceeds would first satisfy any senior liens or encumbrances, and only then would the vendor's lien be addressed. Different types of Washington Subordination of Vendor's Lien Retained by Granter in Warranty Deed may include: 1. General Subordination: This is the most common type of subordination, where the vendor's lien is subordinated to all other liens or encumbrances on the property. 2. Specific Subordination: This type of subordination may be used when the granter wants to prioritize certain liens or encumbrances over the vendor's lien while keeping others subordinate. This allows for flexibility in the arrangement. 3. Partial Subordination: In this case, the granter agrees to subordinate only a portion of the vendor's lien, typically for a specified amount or a specific period. This can be useful when the granter wants to secure a loan or financing against the property. Overall, the Washington Subordination of Vendor's Lien Retained by Granter in Warranty Deed provides a way for sellers to retain their rights to the unpaid purchase price while ensuring other lien holders have priority. It is important for parties involved in real estate transactions in Washington State to understand the implications of this provision, as it can greatly impact the distribution of proceeds in the event of foreclosure or sale.

Washington Subordination of Vendor's Lien Retained by Granter in Warranty Deed refers to a legal provision that allows the granter of a property to retain a vendor's lien for the unpaid purchase price of the property, but with a stipulation that the lien is subordinated to other liens or encumbrances on the property. This provision is commonly seen in real estate transactions in Washington State. A vendor's lien is a legal claim that the seller (vendor) holds over the property until the buyer completes the payment. It serves as a security interest to protect the seller's interest in the property. The Washington Subordination of Vendor's Lien Retained by Granter in Warranty Deed allows the granter (seller) to retain this lien, but subject to being subordinate to other liens. By subordinating the vendor's lien, the granter allows other liens or encumbrances, such as mortgages or deeds of trust, to take priority over the unpaid purchase price. This means that if the property is foreclosed upon or sold, the proceeds would first satisfy any senior liens or encumbrances, and only then would the vendor's lien be addressed. Different types of Washington Subordination of Vendor's Lien Retained by Granter in Warranty Deed may include: 1. General Subordination: This is the most common type of subordination, where the vendor's lien is subordinated to all other liens or encumbrances on the property. 2. Specific Subordination: This type of subordination may be used when the granter wants to prioritize certain liens or encumbrances over the vendor's lien while keeping others subordinate. This allows for flexibility in the arrangement. 3. Partial Subordination: In this case, the granter agrees to subordinate only a portion of the vendor's lien, typically for a specified amount or a specific period. This can be useful when the granter wants to secure a loan or financing against the property. Overall, the Washington Subordination of Vendor's Lien Retained by Granter in Warranty Deed provides a way for sellers to retain their rights to the unpaid purchase price while ensuring other lien holders have priority. It is important for parties involved in real estate transactions in Washington State to understand the implications of this provision, as it can greatly impact the distribution of proceeds in the event of foreclosure or sale.