Property Ownership
What is a 'subordination, non-disturbance, and attornment agreement' (SNDA) in Delaware?
AAn agreement between co-owners about management subordination
BA three-part agreement: tenant's lease is subordinate to the mortgage, the lender will not disturb the tenant in foreclosure, and the tenant will attorn (recognize) the new owner after foreclosure✓ Correct
CAn agreement subordinating the landlord's interests to the tenant's
DAn agreement between HOA members about dispute resolution
Explanation
An SNDA is a common commercial leasing document: (S) the tenant's lease is subordinate to the mortgage; (ND) the lender agrees not to disturb the tenant's possession if the tenant is in compliance; (A) the tenant agrees to attorn (recognize) any new owner after foreclosure.
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Key Terms to Know
Joint Tenancy
Co-ownership where two or more people hold equal, undivided interests with the right of survivorship — when one owner dies, their share passes to the surviving owners.
Tenancy in CommonCo-ownership where two or more people hold undivided interests that need not be equal and pass to each owner's heirs — no right of survivorship.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Short SaleA sale of real property where the sale proceeds are less than the outstanding mortgage balance, requiring lender approval.
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