SNDA
Short for subordination, non-disturbance and attornment agreement. The tenant ranks its lease behind the lender's loan, the lender agrees not to end the lease after foreclosure, and the tenant agrees to recognize a new owner.
Also called: subordination non-disturbance and attornment, subordination agreement, non-disturbance agreement
Related terms
A signed statement from a tenant confirming lease terms, rent, deposit and whether either side is in default. Buyers and lenders require them so a tenant cannot later claim different terms.
A contract between a landlord and tenant that sets the rent, term, deposit and rules for using a property.
The legal process a lender uses to take and sell a property after the borrower defaults. Some states require a court case (judicial foreclosure), while others allow a faster non-judicial sale under a deed of trust.
A legal claim against a property that secures a debt, such as a mortgage, unpaid taxes or contractor bills. Liens generally must be paid off or released before the property can be sold with clear title.
The bank, credit union or mortgage company that provides the loan money. The lender sets the rate and terms, underwrites the loan and holds or sells it after closing.