Alameda California Subordination of Lien (Deed of Trust/Mortgage) refers to the legal process through which one lien holder agrees to subordinate its interest in a property to another lien holder. Essentially, it is an agreement that allows a different lien or mortgage to take priority over an existing lien, usually for the purpose of refinancing or securing additional financing. In Alameda, California, there are several types of Subordination of Lien (Deed of Trust/Mortgage) that individuals and businesses may encounter: 1. Traditional Subordination: This occurs when a property owner seeks to refinance their existing mortgage or obtain a secondary loan while keeping their primary mortgage intact. The primary lender must agree to subordinate their lien to the new mortgage, granting the new lender priority in the event of default or foreclosure. 2. Re subordination: Re subordination occurs when a homeowner refinances their mortgage or obtains a loan modification, and the new lender requires the existing lender to re-subordinate their lien to the new loan. This ensures the new lender has priority over any other liens on the property. 3. Intercreditor Subordination: This type of subordination commonly arises when multiple lenders are involved in a commercial real estate transaction. The lenders negotiate and execute an intercreditor agreement, which establishes the priority and rights of each lien holder in the event of default or foreclosure. 4. Partial Subordination: In some cases, a lien holder may agree to partially subordinate their lien. This means that while the new lien takes priority, the existing lien remains in place for a portion of the property's value. This is often seen when a property owner wants to secure additional financing for specific improvements or renovations. 5. Cross-Collateral Subordination: Cross-collateral subordination occurs when a lender agrees to subordinate its lien on one property to the lien on another property. This is often utilized in situations where the borrower wants to use multiple properties as collateral for a single loan. 6. Wraparound Mortgage Subordination: This type of subordination involves a second mortgage or deed of trust that wraps around or encompasses the existing first mortgage. The holder of the wraparound mortgage assumes responsibility for making payments on both the existing mortgage and the new mortgage, with the subordination agreement granting priority to the wraparound mortgage. The subordination process typically involves the preparation and execution of a written agreement, signed by all involved parties, including the borrower and both lien holders. It is essential to consult with legal professionals or experienced real estate agents specializing in mortgages and liens to ensure compliance with Alameda, California's specific laws and regulations surrounding subordination of liens.
Alameda California Subordination of Lien (Deed of Trust/Mortgage)
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Despite its technical-sounding name, the subordination agreement has one simple purpose. It assigns your new mortgage to first lien position, making it possible to refinance with a home equity loan or line of credit. Signing your agreement is a positive step forward in your refinancing journey.
The county tax rate is the same across the state of California. This means that every county, including Alameda, has a rate of $1.10 per $1,000 of the assessed property value. So, if you purchase a house that costs $600,000, you are required to pay $600 in county transfer taxes.
It requires County Recorders throughout California to charge an additional $75 fee at the time of recording every real estate instrument, paper, or notice, except those expressly exempted from payment of recording fees, per each transaction per parcel of real property, not to exceed $225 per single transaction.
Subordinate Deed of Trust means the deeds of trust granted by Borrower to secure the obligation of Borrower to repay the Subordinate Loan.
File the PCOR. Pay fees. Record the deed at the Alameda County Clerk-Recorder's Real Property Recording Office along with a Preliminary Change of Ownership Report (PCOR.) H) File reassessment exclusion claim, if any, at the Assessor's Office.
In Alameda County, the seller is typically responsible for the country transfer tax fee as well as 50% of the city transfer taxes. The buyer pays for the recording, escrow, title and 50% of the city transfer taxes.
If you need to payoff a lien or assessment you must: Complete the Citywide Liens Demand Request Form. Send a check for $150.00 to Citywide Liens at 150 Frank Ogawa Plaza, Oakland, CA 94612. If you need a copy of your lien(s) contact the Alameda County Recorder's Office, 1106 Madison St.
In addition to the basic recording fee of $89.00 for the first page and $3.00 for each page thereafter, there are other fees which may be due on deeds and leases. Collection of fees include: Documentary Transfer Tax.
You'll need to transfer an interest by writing up another deed with the person's name on it. In California, you can use either a grant deed, a quitclaim deed or an interspousal deed, depending on your circumstances. Each one has its own requirements and works best in different circumstances.
When property changes owners, the County Assessor's Office has a form that must be filed to update the tax records. You can submit this form when you go to record your deed at the Alameda County Clerk-Recorder's Office. It is forwarded to the Assessor's Office. The Alameda County PCOR form can be downloaded HERE.
