What is a 'subordination, non-disturbance, and attornment agreement' (SNDA) in Delaware?
Why A 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 Is Correct
Answer B: A 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
Exam Tip: Property Ownership
Property ownership questions test the bundle of rights and different forms of ownership. Know the differences between joint tenancy, tenancy in common, and community property, including the right of survivorship.
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Key Terms to Know
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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