A Portland Oregon Real Estate Subordination Agreement is a legal document that establishes the priority of liens on a property. This agreement is typically used when there are multiple liens or mortgages on a property and the parties involved are looking to rearrange the order of priority. Keywords: Portland Oregon Real Estate, Subordination Agreement, liens, mortgages, priority. There are different types of Portland Oregon Real Estate Subordination Agreements, including: 1. First Lien Subordination Agreement: This type of agreement is used when the property owner wants to subordinate their first mortgage or lien to another lien, allowing the latter lien to take priority. This usually occurs when the property owner wants to obtain a second mortgage or refinance their first mortgage. 2. Second Lien Subordination Agreement: In this type of agreement, the property owner agrees to subordinate their second mortgage or lien to another, giving the latter lien priority. This may be necessary when the property owner wants to secure a new loan or mortgage on the property. 3. Intercreditor Agreement: This type of subordination agreement is used when there are multiple lenders involved in a real estate transaction. It establishes the priorities and rights of each lender in case of default or foreclosure. 4. Subordination Agreement with Construction Lender: This agreement is specifically used in situations where a construction loan is involved. It establishes the priority of the construction loan in relation to other liens, such as mortgages or other debts. These different types of subordination agreements help to clarify the rights and priorities of the parties involved in a real estate transaction in Portland, Oregon. By rearranging the order of liens or mortgages, these agreements ensure a smooth and transparent process for all parties. It is important to consult with a qualified attorney in Portland, Oregon, before entering into any real estate subordination agreement to fully understand the legal implications and requirements.
Portland Oregon Real Estate Subordination Agreement
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