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Subordination occurs when one creditor's claim to a real estate asset is ranked lower than another's, commonly seen during debt refinancing. In the timeline example, at the acquisition point (year zero), senior debt is established on a property, and claims are prioritized chronologically based on their recording. If junior debt is added later, it is subordinate to the senior debt due to its later claim on the title. If the senior debt is refinanced, resulting in a new loan that is recorded after the junior debt, the new senior loan will take precedence over the junior debt in terms of claims to the property.
