Property Management
In Ohio, a 'subordination, non-disturbance, and attornment' (SNDA) agreement in commercial leasing provides that:
AThe tenant agrees to pay the landlord's mortgage directly
BThe tenant's lease is subordinate to the landlord's mortgage, but a new owner (upon foreclosure) will not disturb the tenant's possession✓ Correct
CThe landlord must subordinate their rights to the tenant's
DThe tenant may withhold rent if the lender forecloses
Explanation
An SNDA agreement protects commercial tenants in foreclosure — the tenant agrees their lease is subordinate to the mortgage (S), the lender agrees not to disturb the tenant's possession (ND), and the tenant agrees to attorn to the new owner (A).
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Key Terms to Know
Short Sale
A sale of real property where the sale proceeds are less than the outstanding mortgage balance, requiring lender approval.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
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