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Subordination of Lien (Deed of Trust/Mortgage to Right of Way)

Mecklenburg North Carolina Subordination of Lien (Deed of Trust/Mortgage to Right of Way)

Name: Mecklenburg North Carolina Subordination of Lien (Deed of Trust/Mortgage to Right of Way)
Brand: US Legal Forms
Rating: 4.62 (387 reviews)

Category:

Oil Gas and Minerals - Subordination

State:

Multi-State

County:

Mecklenburg

Control #:

US-OG-1145

Format:

Instant download

Description

This form is a subordination of lien for deed of trust or mortgage to right of way.

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FAQ

A deed of trust is a legal document that secures a real estate transaction. It works similarly to a mortgage, though it's not quite the same thing. Essentially, it states that a designated third party holds legal title to your property until you've paid it off according to the terms of your loan.

Liens generally follow the "first in time, first in right" rule, which says that whichever lien is recorded first in the land records has higher priority than later recorded liens. For example, a mortgage has priority over a judgment lien if the lender records it before the judgment creditor records its lien.

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Subordinate Liens Being "subordinate" means they can be paid only after more senior liens are released. In other words, if the mortgage lender has the primary lien, that lender must be paid in full before any subordinate liens are paid.

Subordinate Deed of Trust means the deeds of trust granted by Borrower to secure the obligation of Borrower to repay the Subordinate Loan.

General liens affect all the property, both real and personal, of a debtor.

What would happen if you bought a house and later found out that there were unpaid liens against the property? Nothing. The former owner owes the money on the liens. The lien claimants would lose their liens against your property.

North Carolina is a title theory state so the mortgagee holds legal title to the property. The holder of legal title is forbidden to bid at a foreclosure sale so deeds of trust are more commonly used in North Carolina so that the lender can bid at the foreclosure sale.

A deed of trust is a legal agreement that's similar to a mortgage, which is used in real estate transactions. Whereas a mortgage only involves the lender and a borrower, a deed of trust adds a neutral third party that holds rights to the real estate until the loan is paid or the borrower defaults.

A Deed of Trust is commonly used in North Carolina to secure a loan.

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Be in the center of the right-of-way, easement, or waterway. 2. , without the right of exoneration.The Loan Agreement amount is included in the current portion of long-term debt. Open up the way for a long period of improvement and prosperity.

Mecklenburg North Carolina Subordination of Lien (Deed of Trust/Mortgage to Right of Way)

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How to fill out Mecklenburg North Carolina Subordination Of Lien (Deed Of Trust/Mortgage To Right Of Way)?

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FAQ

What is a deed of trust in NC?

How are lien priorities established and which one of the above liens has the highest priority?

Does North Carolina use deed of trust or mortgage?

What is a subordination of lien?

What is a subordinated deed of trust?

Which lien affects all real and personal property?

What would happen if you bought a house and later found out that there were unpaid liens against the property?

Is North Carolina a deed state?

Is a deed of trust the same as a mortgage?

Does North Carolina use deed of trust?

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