Lima Arizona Subordination Agreement — Lien is a legal document that outlines the priorities and ranking of different liens on a property in Lima, Arizona. This agreement is commonly used in real estate transactions to establish the rights and obligations of various lien holders. In Lima, Arizona, there are primarily two types of subordination agreements related to liens: general subordination agreement and specific subordination agreement. 1. General Subordination Agreement: This type of subordination agreement typically involves multiple lien holders on a property. It establishes the priority of liens, meaning that if the property is sold or foreclosed, the lien holders with higher priority will be paid off first from the proceeds. The general subordination agreement may also specify how the remaining proceeds will be distributed among the lien holders with lower priority. 2. Specific Subordination Agreement: This type of subordination agreement is more specific and is usually used when there are two liens involved. It outlines the agreement between the lien holders, allowing one lien holder to have priority over the other. This can be beneficial in situations where a homeowner wants to refinance their mortgage, but the existing lien on the property needs to retain priority. Keywords: Lima Arizona, Subordination Agreement, Lien, real estate transactions, priorities, ranking, general subordination agreement, specific subordination agreement, lien holders, property, foreclosure, proceeds, mortgage, refinancing.
Pima Arizona Subordination Agreement - Lien
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