A Collin Texas Subordination Agreement, also known as a Deed of Trust, is a legal document used in real estate transactions to establish the priority of multiple mortgage liens or encumbrances on a property. This agreement is crucial when there are several parties involved in a transaction, such as a primary lender, secondary lender, and borrower. In Collin County, Texas, there are different types of Subordination Agreements that can be used depending on the specific circumstances of the transaction: 1. First Lien Subordination Agreement: This type of subordination agreement is used when a borrower wants to take out a second mortgage but needs the first mortgage to be considered the primary lien. By signing this agreement, the second lender agrees to subordinate their lien priority to the first lender. 2. Second Lien Subordination Agreement: In some cases, a borrower may already have a first mortgage in place but wants to take out a second mortgage. In this situation, the second lender may require the borrower to sign a second lien subordination agreement, which establishes the priority of the first mortgage lien over the second. 3. Intercreditor/Subordination Agreement: This agreement is commonly used in commercial real estate transactions when there are multiple lenders involved. An intercreditor agreement outlines the relationship between different lenders, establishes their respective priorities, and determines how proceeds will be distributed in case of foreclosure or default. Keywords: Collin Texas, Subordination Agreement, Deed of Trust, real estate transactions, mortgage liens, encumbrances, primary lender, secondary lender, borrower, first lien subordination agreement, second lien subordination agreement, intercreditor agreement, lien priority, commercial real estate transactions, foreclosure, default.
Collin Texas Subordination Agreement (Deed of Trust)
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