subordination :: legal definition
Subordination - n. allowing a debt or claim which has priority to take second position behind another debt, particularly a new loan. A property owner with a loan secured by the property who applies for another loan to make additions or repairs usually must get a subordination of the original loan so the new obligation is in first place. A declaration of homestead must always be subordinated to a loan.
See also: subordination agreement and Related Law Terms ↓
Related Law Terms
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deed of trust :: n. a document which pledges real property to secur ... : foreclosure mortgage reconveyance
foreclosure :: n. the system by which a party who has loaned mone ... ced sale mortgage notice of default
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pledge :: v. to deposit personal property as security for a ... ise to do something. See also: pawn
real estate investment trust :: n. nicknamed REIT, a real estate investment organi ... its upon sale-if there is a profit.
reconveyance :: n. in those states which use deeds of trust as a m ... conveyance. See also: deed of trust
subject to :: adj. referring to the acquisition of title to real ... : assumption deed of trust mortgage
subordination agreement :: n. a written contract in which a lender who has se ... ty records. See also: subordination
title search :: n. the examination of county records for the prope ... e escrow lien title title insurance
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